Bitcoin continues to benefit from a dearth of sellers and almost zero short interest. This has made holding it aloft effortless for its deep-pocketed sponsors. A further advantage for them in maintaining this rigged market is that the banks have no skin in the game. It’s not as though Citigroup, Morgan Stanley and all the others are sitting on huge bitcoin reserves. As a practical matter, most of them wouldn’t touch the stuff. They talk it up for the benefit of clients who have been biding their time, waiting for the right moment to goose prices toward $100k. The weekly chart ‘wants’ bitcoin to correct down to at least p=47,051 (see above), but the aforementioned dearth of sellers has made it more difficult to keep this gas bag from wafting higher. It’s like trying to hold a beach ball underwater. Even so, I doubt whether DaBoyz are ready to storm the ramparts with a push above the descending peaks recorded since March. Presumably, they will do so as soon as it’s clear that Trump has won.
BRTI – CME Bitcoin Index (Last:68,390)
