Bitcoin Drops Below the $30k's. Stock Market is Rallying, Is It opposite Day?!

Stock Market futures are up continuing yesterday's rally. Treasuries are moving higher and every "Coneheads" worst projections have come true and Bitcoin is well-positioned to slide into the $20k's, it's currently at $29k.

What is going on in the markets right now is similar to the opposite day. Inflation is at the highest level it has been in decades, oil which is a commodity falsely proclaimed dead yesterday is reaching new highs, and the treasuries rise on all of that. Any other time, like last week, for example, the underlying economic conditions are worrisome for the market, but it seems that is not the sentiment this week, this week's menu has Hope on it.

But crypto is in a dangerous zone here. Some say Bitcoin will drop in the low $20k's. This is an important period right now because we finally fell below the recent moving averages and now people that have a cost basis in the $30k's will be tested. The last time Bitcoin was this low was in January 2021, this was before the major push-up. Anyone that started buying Bitcoin this year should be down, and only people that held on for years at this point are still seeing gains.

Can Coinheads hold on to the Hope just like the stock market is doing? The good thing is, dollar cost averaging is actually starting to make a lot more sense now to many as your basis is starting to go lower instead of higher.

Thanks for reading,

The Punkrock Capitalist