The pattern suggests allocators who cannot or will not hold spot bitcoin directly are rotating into the equity wrappers around the sector.

Bitcoin tagged $79,399 overnight, its highest level since January 31, before reversing to $77,705. The level matters because $80,000 is where buyers from January and February are approaching breakeven on positions held through the war-driven correction.

The week ahead is the test of whether institutional flows can absorb that selling pressure or whether a third rejection from $79,000 starts to define a range rather than precede a breakout.

Megacap tech earnings on Wednesday and Thursday from Alphabet, Microsoft, Amazon, and Meta, followed by Apple on Thursday, represent roughly a quarter of the S&P 500’s market capitalization and will determine whether the broader risk-on bid that has been lifting bitcoin alongside equities continues.

Strong earnings would extend the four-week run of crypto inflows and bitcoin may gets the catalyst it needs to clear $80,000. Disappointing results, however, could send prices dwindling lower.

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(pudgypenguins.com)

DNTV Research’s Bradley Park says bullish ecosystem news gave large holders the liquidity they needed to sell into a recent PENGU unlock.

What to know:

  • Pudgy Penguins’ recent PENGU token rally appears closely tied to an April 17 token unlock that released about 703 million tokens, or 0.79% of supply, into the market.
  • On-chain data shows newly unlocked tokens were rapidly dispersed across multiple wallets, a pattern analysts say is consistent with large holders preparing…

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