Scaramucci's Bitcoin Pitch Falls Flat Against Price Chart Reality

Anthony Scaramucci recently pitched Bitcoin as an antidote to a financial system that favors Wall Street over Main Street. However, the price chart of Bitcoin over the past year suggests otherwise.

The current price of Bitcoin (BTC) is $84,234.92, up 3.69% over the trailing five days. This follows a violent recovery week, with nearly an 11% increase since September 16 and a 6.7% rise on September 21. Despite this bounce, Bitcoin's price action looks 'ugly' on a longer lens, down 3.65% year-to-date and nearly 25% over the past year.

The recent surge in Bitcoin's price can be attributed to a reversal of a squeeze, where liquidated short positions led to forced buying. However, this buying is mechanical, not driven by investor conviction, and has stopped since the shorts are gone. The ETF bid, which turned positive after a $4.6 billion rebound on September 23, is also not large enough to absorb profit-taking from traders who bought the dip a week ago.

The narrative fuel behind this surge comes from Scaramucci's book, which argues that three catastrophic bipartisan decisions created economic anger, leading to Donald Trump's rise. However, the price action across the past year suggests that Bitcoin has not provided an alternative to the system that bailed out Wall Street.