Technically Speaking: June 22, 2022

Bitcoin (LEFT), Total Market Cap (RIGHT)

The chart above shows Bitcoin on the left and the Total Crypto Market Cap on the right. Notice the arrows pointing in different directions. The arrow pointing up on Bitcoin’s chart shows volume is rising, but the arrow on the Total Market Cap chart points down, showing volume is dropping.

Altcoin volume is at major lows; for some altcoins, it is at historical lows – but Bitcoin’s volume is rising. In Your Babies First Book on Technical Analysis (not a real book, if you couldn’t tell), you would learn that technical analysts believe that volume precedes price. In other words, if volume rises but prices are flat or continue to slide lower, there is a high probability of price reversing direction.

If stocks and other risk-on markets experience an explosive dead cat bounce, Bitcoin and the broader crypto market will likely follow suit.

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Coinbase’s 2022 Institutional Investor Digital Assets Outlook Survey

Coinbase’s ($COIN) 2022 Institutional Investor Digital Assets Outlook Survey came out yesterday. You can find it here if you want to read it yourself.

The survey involved 140 institutions representing roughly $2.6 trillion in assets under management. 

We’ve summarized some key points made in the report:

Will crypto move higher over the next 12 months?

 

  • 62% of institutions increased their allocation to crypto, 12% reported decreases.

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