Bitcoin Bounce May Be Short-Lived as Corporate Earnings Surprise

ING analysts are cautioning that Bitcoin's recent bounce has not broken its downtrend. They warn that a drop below $54,450 would trigger another long-term sell signal, putting the bears back in control.

The bank sees significant resistance between $65,670 and $69,900, according to the analysts.

Meanwhile, corporate earnings have been impressive, with 85% of S&P 500 companies beating Q2 profit estimates versus a long-term average of 76%. Revenue is up 11.2% from last year, while EPS has jumped 25.1%, driven largely by Big Tech.