Wednesday, Nov 29, 2023

BTC above $38k, the SEC's waning market influence, China in Africa

“Freedom would be not to choose between black and white but to abjure such prescribed choices.” – Theodor Adorno ||

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IN THIS NEWSLETTER:

• Bitcoin above $38k

• The dwindling market influence of the SEC

• The China pendulum in Africa

WHAT I’M WATCHING:

Bitcoin above $38k

Well, well, it looks like BTC is finally holding above $38,000 (at least as I write this – things could change). It has come close to this level several times over the past month, and last Friday briefly broke above it, but each time BTC sniffed the air up there, it then said “nope, not ready yet” and retreated back to a lower support. Yesterday, BTC climbed above $38,200 and then retreated… but held above $38,000 for most of the rest of the day, continuing into this morning. Of course, we could see another correction today, but so far, this is different.

(chart via TradingView)

What has changed? As usual, there are many potential drivers of this move.