Bitcoin as a Macro Signal
- Bitcoin has been stuck in a wide range for months, particularly after the October drop that pulled it back from all-time highs into the 80kā95k zone. - What stands out is that after making a low near 80k a few weeks ago, Bitcoin hasnāt broken lower. Instead, it has been forming higher lows and higher highs, which is bullish from a trend perspective. - While thereās no obvious technical reason for Bitcoin to rally right now, especially with equities pulling back from highs, Bitcoin often acts as a forward indicator for risk assets. - A break back above the 95k range, particularly after the roughly 3k rally following stabilization in Venezuela, raises the probability that equities could move to new highs as well. Bitcoin doesnāt need to make new highs for stocks to do so, and history has shown that clearly.