Bitcoin Observations
This is NOT investment advice.
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All The Long Term Holders Are Bailing?
Here is some perspective from Glassnode -
Bitcoin Miner Transaction Fees
Pullback Over? 100K and we waive goodbye?
Glassnode dives in on where we might be in terms of the price action cooling off and any consolidation forthcoming. Right here in this blog I discussed a pullback to 89k/90k as very possible, and we had a move down to the low 92's. Was that it? Worse to come? Here Glassnode looks at Realized Profit which shows how much USD people are making off traded coins. It appears to have peaked right into that run-up to 99K. This aligns with our stance that as of now it looks like a reasonable and healthy pullback for Bitcoin.
With the Bitcoin price action now zooming above 100K - for now it looks like that tap on the low 92's was enough to reset the engines.
And - of course - another flash crash from a highly leveraged speculator in all likelihood. This wipes out positions using insane leverage both long/short and then all the leveraged traders will re-calibrate and set forth on new paths.
Funding Rates for BTC futures have cooled off as well suggesting some of the exuberance has come out of this recent move as it digests the action:
Powell Says Bitcoin Good as Gold
Powell says Bitcoin is a competitor to gold and not USD. Whether one agrees with what one person says about BTC vs USD doesn't matter. The Fed Chair says Bitcoin is head to head with gold. That matters.
Putin Says No Way to Ban Bitcoin
Sure this kind of talk attracts attention, but it's the context that matters. For years it was "well, we are looking into that" and that was after calling it a scam and refusing to acknowledge it for years. Now, Putin says there is no way to stop Bitcoin which could be viewed as the same thing as saying "it's here to stay we might as well take advantage of it".
Brazilian Real, Chinese Yuan, EUR
Buckle up. Remember - Europe spent a couple decades "going green" which gutted their own energy security. No energy = no economy. There are other problems as well. Interesting action in the Yuan and BRZ. Both look like they want to get a whole lot weaker vis a vis USD. China has few options and none are great. Market is waiting on an actual bazooka with some punch to it. Time will tell.
Interesting . . . . .
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