Fear and stimulus fight to a standstill
It’s been a wild ride in many asset classes since the omicron story went mainstream on Friday but bitcoin is basically where it was a week ago at $57,800.
It’s down 1% today and went on a 10% round trip but by bitcoin’s wild standards, that’s hardly volatility at all. The 100-day moving average appears to be providing support along with the old high from September.
Any time an asset can hold up in a volatile time, it adds value. Bitcoin crumbled at the start of the pandemic to a low of $3820 in a punishing drop but so far it’s holding up much better in this round.