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$ETH Before the US stock market opened today, BTC experienced a slight rebound. After the release of $CRCL's earnings report and the US stock market opened, Bitcoin surged like it had taken medicine, rising over 8% at its peak, while CRCL increased nearly 35%. Many friends said that today's BTC rise was driven by CRCL, but I am not entirely sure. However, the movements of BTC and CRCL are indeed very similar.
If it is truly due to CRCL, then this BTC rally could also be just a rebound. After all, CRCL's earnings report was good, but it didn't change the position of cryptocurrencies or the overall market liquidity. It might be a bottom-fishing driven by sentiment. Today's data also mentioned that this price level is quite attractive to investors.
Additionally, I really didn't expect that a single earnings report could cause CRCL to rise 35% and also push Bitcoin up nearly 8%. I hope this emotional momentum can be sustained for a while longer.
A rebound to around 2134-2142 could be a good point to short again, with targets around 2060-2016.