The ESP metric (Exchange Stablecoins Ratio, or otherwise the number of VTCs on exchanges divided by the number of stablecoins) rose to its highest level since May 2021. This means that bitcoins are arriving on exchanges faster than stabelcoins. This in turn means that the purchasing power of stabelcoins is declining. This is certainly a bearish sign for the market.
(CryptoQuant)
(CryptoQuant)
Bitcoin closed March up 23%. In just the first quarter, the VTC price rose 72%, one of the best results in history. Usually the year started out much weaker.
April has historically been a strong month, with an average return of 16%. But it should be noted that technically bitcoin now looks quite weak, there are many bearish signs. So there is not much optimism.
April has historically been a strong month, with an average return of 16%. But it should be noted that technically bitcoin now looks quite weak, there are many bearish signs. So there is not much optimism.
Microstrategy's multi-year bitcoin purchases are paying off. Despite the protracted bear market, the average buying price of 140 thousand VTC is at $29800 or practically at breakeven (CryptoQuant)
Quite a working strategy for long-term investments, which is suitable for both large companies and ordinary investors.
Quite a working strategy for long-term investments, which is suitable for both large companies and ordinary investors.
A breakdown of the $30,000 level is accompanied by a strong burst of euphoria (Santiment).
It looks like the bearish cycle is over, and then we'll see X's and the cherished $100,000 and higher.
Historically, the best counter-indicator of the market was the mood of the crowd (you can see it well in the Fear and Greed index). Of course, we'd like to be wrong, but with such mass confidence in the impending rise, we may well get some nasty surprises. Something similar happened with corona-dump, only in our situation the regulators and the world banking crisis threaten.
What I'm getting at is this. In times of growth and general euphoria you need to keep a cool head, have a clear plan of action and fix profits without any FOMO (fear of lost profits).
It looks like the bearish cycle is over, and then we'll see X's and the cherished $100,000 and higher.
Historically, the best counter-indicator of the market was the mood of the crowd (you can see it well in the Fear and Greed index). Of course, we'd like to be wrong, but with such mass confidence in the impending rise, we may well get some nasty surprises. Something similar happened with corona-dump, only in our situation the regulators and the world banking crisis threaten.
What I'm getting at is this. In times of growth and general euphoria you need to keep a cool head, have a clear plan of action and fix profits without any FOMO (fear of lost profits).
ETH followed our scenario without any problems and instead of falling after the validators were unlocked, it has consolidated above $2000.
And right now the most important resistance, which globally restrains Ether from growth to the historical maximum, is being tested.
Now the main thing is not to let VTC down. And there are difficulties with it, because the banks reporting season starts in USA and crisis in their sphere can pull not only SP500, but also other markets.
And right now the most important resistance, which globally restrains Ether from growth to the historical maximum, is being tested.
Now the main thing is not to let VTC down. And there are difficulties with it, because the banks reporting season starts in USA and crisis in their sphere can pull not only SP500, but also other markets.
This week, the number of transactions on the Bitcoin network reached an all-time high of 682,000 transfers. Against this backdrop, transaction fees have reached 12.4 percent of total miners' income, according to Glassnode analysts.
This is a high figure, which is comparable to the situation in the market in mid-2019. It was higher only during the 4.9 percent days of the Bitcoin network.
This is a high figure, which is comparable to the situation in the market in mid-2019. It was higher only during the 4.9 percent days of the Bitcoin network.
For two months, bitcoin has been consolidating in the range of $27,000-30000. A huge number of VTCs have been traded at these prices - Whalemap heat map data. This level will become either an incredibly strong resistance in case of going down, or a powerful support in case of going up.
Everything goes to the fact that the price will consolidate below it, and we will be trying to break back above 30k for a very long time. Therefore, it is strongly not advisable to overreact now. We are waiting for the outcome
Everything goes to the fact that the price will consolidate below it, and we will be trying to break back above 30k for a very long time. Therefore, it is strongly not advisable to overreact now. We are waiting for the outcome