Bitcoin rises despite "bad news" --> further evidence Bitcoin bottom is in
STRATEGY: Markets typically bottom on "bad news"As the US Memorial Day weekend comes to a close, we wanted to close the loop on Bitcoin, particularly before US financial markets open on Tuesday morning. This past Friday (5/28), we issued an INTRADAY WORD to our clients at 6:50pm, with our view that the probabilities favored Bitcoin to be flat/rising over the long weekend. The rationale:- Bitcoin fell sharply over the prior two weekends, mainly due to regulatory risks rising, particularly US and China- sell-offs over the past two weeks triggered significant de-leveraging- in our 20-ish conversations Thu/Friday leading into weekend, many of our clients were cautiously positioned (flat/neutral)- the set-up into the weekend was "less bad," which Tom Luddy always says, "less bad is good"...FT headlines on Sunday was another "negative shock" but Bitcoin and crypto market barely reactedTom DeMark, of DeMark Analytics, likes to say that markets "bottom on bad news" -- specifically, markets bottom when they no longer react to bad news:- check out the headline from the FT from Sunday, which came out at 3:50pm ET on 5/30- this story says US regulators are going to take a more "active role"- given the cadence of US headlines around Binance sanctions, tax scrutiny/increases and no...
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