UPDATE: Bitcoin have lost 31k and 30k. Slowly dropping down without any volume. Seems that everyone agreed with the idea that BTC will be back to 20k in any case. Just waiting for that to happen. Once cross 28800 drop to 24k will happen very fast.
🟥 31000 - 31800 - 32300
🟩 28700 - 23500 - 19700
🟥 31000 - 31800 - 32300
🟩 28700 - 23500 - 19700
VERY GOOD ARTICLE
Approximately 6.2M BTC, equivalent to 33% of the circulating supply is currently holding an unrealized loss — link
Approximately 6.2M BTC, equivalent to 33% of the circulating supply is currently holding an unrealized loss — link
Summary of Bull Case
• Net Entity growth remains positive as fewer entities are destroyed, and more are created. This resembles a 'dollar cost average' style accumulation environment.
• Exchanges have seen net outflows after an extended period of inflows since mid-May.
• Miners are in net accumulation suggesting sell pressure due to the Great migration is being mitigated or offset by accumulation by profitable miners.
• Long-term holders and bull market HODLers appear unshaken by volatility and lower prices. The volume of coins held in illiquid state continues to grow, and the potential supply squeeze is coming from a much higher base than the 2018-19 bear. This demonstrates the remarkable conviction of BTC holders to weather extreme volatility.
Summary of Bear Case
• Market is trading at the low end of a high on-chain volume cluster with very little cost basis support.
• GBTC discount persists, declining Purpose ETF inflows and OTC desk inflows suggest lacklustre institutional demand.
• On-chain activity (volume and entities) remains significantly down from the highs. Utilisation of the Bitcoin network for value transfer suggests low demand.
• Losses continue to be realised on-chain and a total of 6.2M are currently held at an unrealised loss. These coins may well form overhead resistance and sell-pressure.
• Net Entity growth remains positive as fewer entities are destroyed, and more are created. This resembles a 'dollar cost average' style accumulation environment.
• Exchanges have seen net outflows after an extended period of inflows since mid-May.
• Miners are in net accumulation suggesting sell pressure due to the Great migration is being mitigated or offset by accumulation by profitable miners.
• Long-term holders and bull market HODLers appear unshaken by volatility and lower prices. The volume of coins held in illiquid state continues to grow, and the potential supply squeeze is coming from a much higher base than the 2018-19 bear. This demonstrates the remarkable conviction of BTC holders to weather extreme volatility.
Summary of Bear Case
• Market is trading at the low end of a high on-chain volume cluster with very little cost basis support.
• GBTC discount persists, declining Purpose ETF inflows and OTC desk inflows suggest lacklustre institutional demand.
• On-chain activity (volume and entities) remains significantly down from the highs. Utilisation of the Bitcoin network for value transfer suggests low demand.
• Losses continue to be realised on-chain and a total of 6.2M are currently held at an unrealised loss. These coins may well form overhead resistance and sell-pressure.
Despite the Bitcoin markets slipping below $30,000, on-chain data suggests accumulation may be underway, as $1 billion worth of BTC leaves exchanges each mounth -source
I encourage all of you to start using ByBit for trading. Although Binance is the biggest exchange atm it had some problems lately.
If you do not have an account you can sign up with our refferal.
https://www.bybit.com/en-US/invite?ref=JR4JNB
Code: JR4JNB
If you do not have an account you can sign up with our refferal.
https://www.bybit.com/en-US/invite?ref=JR4JNB
Code: JR4JNB
#REVIEW BITCOIN
Daily close above $32k - now the global sentiment is no more bearish, but neutral.
I won't be rushing in new longs here, as $33k resistance stays strong and as Thursdays and Fridays have been pretty bad days for crypto in a while!
Daily close above $32k - now the global sentiment is no more bearish, but neutral.
I won't be rushing in new longs here, as $33k resistance stays strong and as Thursdays and Fridays have been pretty bad days for crypto in a while!
Combat Picks
New long setup on discord ! https://discord.gg/4NmJ52u5E9
Close $ADA here. $BTC looks bearish on lower TFs.
Combat Picks
New long setup on discord ! https://discord.gg/4NmJ52u5E9
Thinking of re-entering $ADA
If you enter low funds
If you enter low funds