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Bitcoin moves to new highs.

02 Jun 2021

Trades at highest level since May 28

The price of bitcoin has moved to a new session high of $38,237.37.  The low for the day was down at $35,920.

Trades at highest level since May 28

Near the day’s low, the pair tested its 100 hour moving average (blue line in the chart above).  Later in the session the price moved above its 50 or moving average and also stayed above that level (white line). The 200 hour moving average at $40067.23 is another barometer for buyers and sellers.  With the price back above all three, the technical bias is to the upside.

Also helping is the price just moved above a topside trendline at $38,121.26 and the 61.8% retracement at $38,017. Each of those moves are also more bullish.  

There is some chatter that what is good for Meme stocks is good for bitcoin as well.  With all things Meme and bitcoin, it is hard to connect the dots, but generally speaking “risk on” seems to apply to both.  

Some of the biggest gainers in the stock market are so called meme stocks led today by Bed, Bath and Beyond which is up 41.89% today. AMC which rose 20% yesterday is up 34% today after the CEO offered retail investors free popcorn. 80% of AMC investors are retail.