The Nasdaq rose 1.6% last night, and the S&P was up about 1.3%. After CoreWeave reported earnings, its stock shot up around 25% in one go. The Square is still buzzing about Anthropic listing on Nasdaq next week, under the ticker ANT, with an offering price around $70 to $78. U.S. stocks have gotten their AI mojo back.
Bitcoin touched 74811 in the early hours, around the highs from before the sell-off the day before yesterday, but unfortunately it couldn't hold on. This morning it fell to 73480, and now it's hovering around 73650. ETH was near 2104 in the early hours, hit a morning low of 2036, and is now just above 2050. SOL was at 85.8 in the early hours, dipped to 82.2, and is now around 83. The 24-hour chart doesn't look like much of a drop, but really, it just failed to hold its gains after a rally.
The overhang is still the rate-hike issue. October CPI came in hot: 0.4% month over month, and core CPI at 0.3%—both well above expectations. A December rate hike is now largely priced in, with a 25-basis-point hike at around 88% odds, and a 50-basis-point hike still around 10%. We haven't seen much of a return in fund flows either. The latest full-day data for U.S. spot Bitcoin ETFs is from Tuesday, showing net outflows of about $95 million. That's four straight days of outflows, with around $1.6 billion pulled out in November. The bond market was closed yesterday, so the latest daily figures aren't in yet.
Here's how I see it: U.S. stocks are recovering on AI sentiment, while Bitcoin is still digesting the rate-hike outlook. If it can't get past 74800, that's still resistance. If 73480 gives way again, there's more room to fall, with that wick at 72700 further down. Don't mistake the overnight bounce for a trend reversal, and don't chase every pop. Initial jobless claims are due at 21:30 tonight. Today's back-and-forth movement can't determine Bitcoin's direction.
Do you think the AI hype can carry Bitcoin back up to test 74800, or will the rate-hike story weigh on the market first? What do you think? Let's talk in the comments.
$BTC $ETH $SOL
#BTC #ETH #solana
Bitcoin touched 74811 in the early hours, around the highs from before the sell-off the day before yesterday, but unfortunately it couldn't hold on. This morning it fell to 73480, and now it's hovering around 73650. ETH was near 2104 in the early hours, hit a morning low of 2036, and is now just above 2050. SOL was at 85.8 in the early hours, dipped to 82.2, and is now around 83. The 24-hour chart doesn't look like much of a drop, but really, it just failed to hold its gains after a rally.
The overhang is still the rate-hike issue. October CPI came in hot: 0.4% month over month, and core CPI at 0.3%—both well above expectations. A December rate hike is now largely priced in, with a 25-basis-point hike at around 88% odds, and a 50-basis-point hike still around 10%. We haven't seen much of a return in fund flows either. The latest full-day data for U.S. spot Bitcoin ETFs is from Tuesday, showing net outflows of about $95 million. That's four straight days of outflows, with around $1.6 billion pulled out in November. The bond market was closed yesterday, so the latest daily figures aren't in yet.
Here's how I see it: U.S. stocks are recovering on AI sentiment, while Bitcoin is still digesting the rate-hike outlook. If it can't get past 74800, that's still resistance. If 73480 gives way again, there's more room to fall, with that wick at 72700 further down. Don't mistake the overnight bounce for a trend reversal, and don't chase every pop. Initial jobless claims are due at 21:30 tonight. Today's back-and-forth movement can't determine Bitcoin's direction.
Do you think the AI hype can carry Bitcoin back up to test 74800, or will the rate-hike story weigh on the market first? What do you think? Let's talk in the comments.
$BTC $ETH $SOL
#BTC #ETH #solana
