Bitcoin’s $100,000 wall

and, tulips? really?

“Concentrated power is not rendered harmless by the good intentions of those who create it.” – Milton Friedman ||

Hey all, I hope you’re doing well and that you had a great weekend! It was stunning where I am, and I may have overdosed on green grass, yellow leaves and blue sky.

Apologies for the late publishing today! I did a podcast recording earlier (details to come!), and then jumped in to Scott Melker’s Macro Monday shows as a substitute host, you can see that here.

Today, I look at the $100,000 resistance wall for BTC’s run – why there is likely to be sell pressure at that level, as well as signs that bullish sentiment will eventually push past it.

Plus, it’s time, unfortunately, to trot out the Bitcoin vs tulips story again.

No audio today given the schedule squeeze, sorry!

Programming note: this newsletter will be taking off the Thanksgiving break, so no newsletter Thursday-Saturday – back on Monday!

IN THIS NEWSLETTER:

• Bitcoin’s $100,000 wall

• Bitcoin vs tulips

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as audio, relevant links and music recommendations ‘cos why not.

WHAT I’M WATCHING:

The $100,000 wall

The $100,000 barrier for BTC is more than a psychological barrier to break, more than a potential cause for celebration. It’s also a narrative driver in itself.

The longer we bob along just under $100,000, the more doubt may seep in that an upwards breakout is imminent. Put differently, the strength of the $100k resistance could convince traders that the top is in, and profits should be locked in now, leading to more sell pressure and an even stronger $100k resistance.

(BTC/USD via TradingView)

If this happens, it should be fleeting, however. There are signs that suggest we’re not there yet, that there is still strong conviction in the upward movement.