Bitcoin: SpaceX IPO Drains Retail Flows
Bitcoin at $60,712 faces pressure as SpaceX $1.8 trillion IPO draws retail capital away from digital assets per RBC BlueBay.
SourceAnalysis
Bitcoin trades at $60,712 as market-watchers link the sharp correction to capital rotation into the forthcoming SpaceX IPO, which targets an $86 billion raise and $1.8 trillion valuation.
Gary Black highlighted comments from RBC BlueBay CIO Mark Dowding noting that holders are exiting BTC for momentum in new megacap listings, shifting assets from flavor-of-the-month status to out-of-fashion territory amid the SpaceX listing hype.
With price testing lower Bollinger support at $60,102 while RSI(14) prints oversold at 23.05 and MACD confirms a death cross at -2,463, a relief bounce toward EMA50 resistance at $68,376 looks probable before any retest of the bearish structure defined by EMA200 at $74,198.
Gary Black
@garyblack00An influential investment strategist focused on equity markets and macroeconomic trends, with particular expertise in Tesla analysis. The content centers on stock valuations, ETF impacts, and corporate governance issues, blending fundamental research with market commentary for long-term investors.
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