Crypto is joining in on the rebound in risk trades. For much of the way lower in the 2022 risk swoon, bitcoin has been a leading indicator. In this bounce, it appears to be a lagging indicator as this was the fourth day in a row of gains for the Nasdaq.
Still, it bears close watching for both BTC and for broader markets. The top of the range since the mid-June breakdown was the June 26 high of $22,060, which is about $300 from current levels. The bid has been relentless in the past two hours and it will be interesting to see what Asia does with this in the day ahead.
