Bitcoin Market Analysis

Over the last 2 weeks bitcoin has broken below the $30k support level and has remained below it, currently trading at $29,360. While the $30k level has been tested a couple of times to the upside, bitcoin has not seen a daily close above $30k since July 24th. In other words, the $30k level has flipped from technical support to resistance.

In terms of near-term catalysts, the majority of publicly traded companies that are involved with bitcoin have already reported. We saw strong results out of Coinbase, Block, Microstrategy, and PayPal. In addition to strong earnings, PayPal also announced the launch of its own stablecoin. This is an important signal to the industry as established incumbents are getting increasingly more involved with crypto.