Earnings bump
3 min read

Earnings bump

Cryptic ball: clear bounce.

Something interesting is happening in crypto today, but it's too early to tell if this is part of the dead cat bounce or not. Bitcoin rose 5% around the start of the US trading session. This was aligned with a minor bounce of a key level on the Nasdaq, but the crypto reflex was much more pronounced. Let's analyse.

  • The top 100 Nasdaq stocks bounced ~2% today after approaching bear market territory for the third time this year. If corporate earnings are positive, my thesis that we were going to enjoy a nice spring may still materialise.
  • Some analysts are arguing bitcoin on-chain data indicates capitulation at this level. While this isn't farfetched, today's volume on the rebound was not that high, which indicates bears aren't ready to surrender - at least at this level.
  • Referring back to the usual chart below, we can see that bulls will only get comfortable if $43k is conquered. Until then, we remain in a downtrend since the end of March and will likely remain in it until some good news come out.

For those looking for some comfort, remember there's the small narrative that the US tax season is harming crypto, as traders have until April 18th to pay what they owe to Uncle Sam. And every year one speculates about how many degens didn't accommodate for that, and so are panic selling close to the deadline. Let's see!

Chart art: clear downtrend.

Visual block: clear parabola.

Jet fuel up, bitcoin down.

Three things: clear flaw.

Tweet tip: clear cope.

It's easy to feel neutral when you're rich like Kyle.

Meme moment: clear joy.

Better than those juicy APYs, right? Not!

FV Bank: meet us at Crypto Bahamas.

Come and meet our founders, Miles Paschini & Nitin Agarwal, at this exclusive gathering of investors & builders in the blockchain, digital assets and web3 space - hosted by FTX and SALT.

Get started: learn more about FV Bank.

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of the guidance in the report will lead to any particular outcome or result.