Bitcoin surged above $85,000 after finally clearing the roughly $83,000 level that both Matt and Craig Cobb have been watching. Craig explains that the breakout does not automatically create a monthly Bitcoin uptrend, but it does eliminate the existing downtrend and moves Bitcoin into a no-trend higher-time-frame structure. Total crypto market cap had already made a similar breakout, while Solana and other major altcoins are showing stronger cyclicity and trends. Matt's next question is whether roughly $83,000 can now become support.
The rally was supported by falling oil prices, a retreat in the 10-year Treasury yield, renewed ETF inflows and a huge short squeeze, with about $648 million in crypto shorts liquidated. Beyond price, Coinbase is seeking approval for single-stock perpetual futures, ZetaChain voted to wind down its Layer 1 and migrate to Solana, the CFTC is moving ahead with crypto rulemaking after CLARITY failed, and Polymarket is facing serious questions over fraud and compliance. Matt remains constructive but cautious, arguing that the breakout becomes significantly more convincing if Bitcoin can turn the low-$80,000 range from resistance into support.
Happy HODLing