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BITCOIN
🏦 Bitcoin Underperforms S&P 

Word On The Street: Bitcoin's price, currently around $59,962, is still "rolling over" as it remains far from its all-time highs when compared to the S&P 500.

The details:

• Mike McGlone, senior commodity strategist at Bloomberg Intelligence, hinted that the rally in risk assets, including Bitcoin, "may be over."

• McGlone observed that Bitcoin, once reached a peak value of 15 times the S&P 500 in early 2020, is now around 11 times the S&P's value.

• In subsequent comments, McGlone reinforced his view that Bitcoin's current trajectory suggests it continues to "roll over" in comparison to other risk assets.

Why it matters: Despite briefly dipping to $58,000 following a liquidation cascade, popular trader Crypto Chase noted that while a trend break could signal new all-time highs.

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Investment Firm Lemniscap Raises $70M Fund Targeting Early Stage Web3 Projects. Lemniscap is targeting zero-knowledge infrastructure, consumer applications and decentralized physical infrastructure (DePIN).

Telegram CEO Pavel Durov taken to court in Paris. Telegram founder and CEO Pavel Durov was taken to court from custody on Wednesday, several reports suggested.

Toncoin Trims Losses, Beats Bitcoin and Ether, as TON Blockchain Comes Back Online. Toncoin's TON performed better than the CoinDesk 20 as the protocol announced its blockchain had restarted.

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Reports from our analysts today:

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• Shiba Inu Technical Analysis (Paid)

TRADERS CORNER
🫢 Bitcoin Technical Analysis

Bitcoin is $58,821, sitting below both the Volume Weighted Average Price (VWAP) line and the lower standard deviation band. This indicates that Bitcoin is experiencing bearish momentum, with the price moving significantly below the average trading price. The downward trend is underscored by the fact that the price is nearing the lower band, suggesting that selling pressure has increased.

Trend Analysis

The chart clearly illustrates a downtrend. After a period of sideways consolidation near $60,000, Bitcoin's price broke down sharply. The candles show strong bearish activity, especially in recent sessions where the price rapidly declined. The bearish momentum is further confirmed by the widening Bollinger Bands, which indicate increased volatility and the potential for continued downward movement. The strong red candles point to sellers being in full control, with little indication of a reversal as of now.

Support and Resistance:

- Support: $58,000 - This level represents the first line of defense against further declines. The price is currently hovering near this area, and a break below could lead to additional losses.

- Resistance: $60,000 - This psychological level previously acted as support but now serves as resistance. The price needs to reclaim this level to signal any potential bullish reversal.

Scenarios:

1. Bearish Continuation: If the selling pressure continues and the price breaks below $58,000, the next target would be the critical support at $55,000. A failure to hold this level could see Bitcoin heading further down toward $52,000.

2. Bullish Reversal: A bounce off the $58,000 support and a break above $60,000 could indicate a short-term reversal. However, for a more significant bullish signal, Bitcoin would need to break above $62,000 with strong volume.

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