This week’s price movements for Bitcoin (BTC), gold, the S&P 500, as well as hot stock on the block Rocket.
Bitcoin (BTC)
In the past week, bitcoin (BTC) tumbled to a new recent low but is back trading around what has become crucial support at $50,000. BTC went through dramatic changes last week. After achieving an all-time high of $58,413 on Sunday, Feb. 21. it slid to $44,951 on Feb. 23. The next two days found it trading around $50,000 until the end of Feb. 25.
At that point, it began trading down, reaching a new recent low of $44,243. The next two days, it struggled with minor resistance at around $48,000 before bottoming out at $43,205 on Feb. 28. Since the beginning of March, it has found its way back around $50,000.
Source: TradingView
On March 3, William Quigley, managing director of Magnetic, told CNN Business that BTC halving might have played a key role in the coin’s recent bull run.
Quigley explained that the amount that BTC miners get paid gets cut in half, roughly every four years. “What’s happened historically whenever that happens for between the next 12 and 18 months, Bitcoin can go up between 300% and 500%,” he said. This last occurred in May 2020. According to Quigley’s analysis, this trend could see BTC hit $100,000 and beyond.
GOLD
While BTC mostly recovered from its tumble last week, gold has continued on its bearish streak. On Feb. 26, the price of gold dropped considerably from the daily high of $1,775 to its low of $1,716.
On Mar. 1, gold peaked at $1,759 before falling the rest of the day, trading down to $1,707 in the opening hours of trade on Mar. 2. Over the next two days, it traded up to around $1,740 before falling back down around $1,715, where it’s currently lingering.
Source: TradingView
“It is the 10-year US Treasury yield that’s driving gold at the moment,” according to brokerage StoneX’s chief analyst Rhona O’Connell, “and we would argue that the market is taking too short-term a view and that the excess liquidity in the system remains medium-term supportive.”
RKT
The stock of Rocket, the parent company of mortgage lending company Quicken Loans, has been all the rage this past week. The share price of the mortgage lenders rose 28% since the end of last week.
Its volume surged on Tuesday when almost 377 million shares were exchanged. It subsequently faltered the next day, falling from the previous day’s high of $43 to nearly $28 at the market close, where it is still trading.
Source: TradingView
Rocket has become the new target of Reddit group WallStreetBets, according to the Wall Street Journal. Earlier this year, the online stock trading community noticed that video game retailer GameStop’s stock was being shorted by institutional investors.
They decided to collectively buy shares of the company, monumentally driving up the price. Having noticed similar shorting happening to Rocket, they decided to take action again.
SPX
The S&P 500 started last Friday with a long red candle below support at $3,830, where it struggled for the rest of the day. However, it started trading Monday with a long green candle before maxing out at $3,914.
Since then, SPX has been tumbling down, starting today below recent support. At the time of publication, it is in the midst of a notable sell-off.
Source: TradingView
According to wealth management firm Truist Wealth, historical data suggests that the S&P’s bullish run since recovering from the COVID-19 crash last year may be just starting.
According to their analysis, bull runs have lasted 5.8 years on average since 1957 and resulted in gains of 179%. Less than a year into this bull run, there have only been a return of 76%.
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