George (CryptosRus) has pointed out that bitcoin price has been inversely correlated to the DXY (i.e. dollar strong, bitcoin goes down), so that could be one thing to keep an eye on Also on one of the yt videos I watched (can't remember which), it talked about bitcoin is extremely sensitive to liquidity and bitcoin's strong price rally may have been fueled by the injection of liquidity by China and Japan Also helped gold and silver and us equities... US M2 money supply went down so not good If Japan makes some massive Yen repurchase again, I'll go long btc perp futures
Nice comeback! Still not out of the wood yet though. Needs to thrust above the resistance line. 30M 1D
Might be a stupid question but would miners be sitting on surplus and feeding it back to the market as they see some decent pricing?
I dunno if weekly will be of any help at this early stage, but apparently lots of headwind above. It looks like we're putting in the right side of an inverted head and shoulders, provided we head back up.
That was the issue with the Bitcoin miners, they did not operate as a normal business and instead of selling their mined bitcoins to pay expenses, such as employees, electricity, rent, and most importantly to purchase new updated hardware, they borrowed They got caught up in the bull market hype and wanted to borrow against their bitcoins they held in treasuries. Why not? cost of borrowing was very cheap in a ZIRP/NIRP global wacky financial system world... until things changed in 2022 Bitcoin was supposed to go up forever, we were promised $100K and higher, super cycle, no more bitcoin crashes 75% or more... 3AC believed this super cycle. Bitcoin miners believed this. Bitcoiners like me also believed it... and then the Fed took out the liquidity, turned off the money printer and everything crashed, including equities and bonds And the Bitcoin miners got caught with their pants down, started selling their bitcoins at practically the bottom, what we call miner capitulation These Bitcoin miners never learn as these miner capitulations have happened in previous bear market cycles and usually marked the bottom To answer your question, the Bitcoin miners do not have much bitcoins left to sell, they are no longer a factor to crash the bitcoin price
It wasn't just the miners doing this. Other equities with BTC on their balance sheets did the same. They 'panic-sold' even blue-chips with the alternates, and cited in footnotes on the financial statements that they did so in order to prepare for FTX contagion. But they sold off at the very bottom. It's been stated that crypto didn't drop any further because there was almost nothing left for these equities to sell off anymore in the rout. When I look at companies on Canadian exchanges like BIGG Digital Assets and COIN (not the Coinbase one) they sold off most of their invested assets (at the bottom)... thinking they were so mart. The worst of it all is, their business DEPENDS on the future of crypto, and they kept making positive bullish statements for the next year, yet their actions go counter-intuitive to what they tell you. What a way to crystalize losses... Be weary of these CEOs.
We're above the resistance line now? What is the next target resistance to break on the upside? I'm thinking of re-funding my casino account (crypto perp futures), but I do have to say, the non-bitcoin crypto assets have been producing some very nice profits without leverage I have deployed more capital to other crypto assets but have seller's remorse for cutting down a position a few days (a week?) ago
Dude, there's no looking backing back now. She ain't coming back! Next resistance at 24729 then 25212, etc. But at this rate, we might break out above 25000 by tomorrow