The price of BTC is at historical levels never tested in any previous bear market, such as the bottom of the MA 200 in Weekly, the bottom of the 38.2% fibo (from the Bottom of the bear market to the ath of the bull run), we are in the oversold zone of the RSI, and below the 2017 ATH, and this is normal given that the market has become mature since the arrival of the institutions over the last 2 years which have driven us with the S&P 500.
https://www.tradingview.com/x/AAKNFwJd/
The market is uncertain, on the one hand all is well with a falling dollar, falling inflation, rising unemployment, and possible lower interest rates at the next FOMC meeting.
Upcoming dates to watch:
- December 2nd Unemployment rate in the United States: https://tradingeconomics.com/united-states/unemployment-rate
- December 13th Inflation rate in the United States:
https://tradingeconomics.com/calKendar
- December 15th FOMC US Interest Rates:
https://tradingeconomics.com/united-states/interest-rate
What is scary are the liquidations of the Longs to the south close to the price and then the FTX affair with the domino effect and many exchanges will disappear because of the proof of reserve, we know that it's the jungle, not all cryptos and exchanges are honest & will survive!
I think if the market makers will not decide to go down to seek the 14K to 12K on the BTC it's because of a whale or a group of whales which are shorting with liquidations peaks in the north arround 113 $millions towards 20K to 21K so with the leverage 3X to 2X, and I noticed it on many cryptos a giant peak in the south like on ETH, BNB, LINK, DOGE...
If we have a short squeeze in the north towards 20K +or-, then we will see if the shorts have capitulated to go to longs with their liquidations in the south, but if the shorts will continue to open more positions than the longs then at that time the market makers will continue to push the price higher, and surely we will find good news to fomo the small fish before trapping them!
What is certain is that the crypto market is losing liquidity and investor confidence, and we see this on the total Marketcap down -75%, and also on the open interest on a low level (the total of open positions BTC on futures in $), it's a start to reach the Bottom before leaving tou zeu moune!
- Crypto Total Market Cap: https://www.tradingview.com/x/ZrGu7wLY/
- Open Interest: https://www.coinglass.com/BitcoinOpenInterest
Many people are in losses, either miners and even long-term holders, and those who benefit from it are the big whales like a whale who has changed their wallet and now it has $ 2.5 billion in BTC which doesn't stop to buy last days after having DCA well on sale between 20K to 22K, now it DCA strongly on the purchase between 15K to 20K
https://bitinfocharts.com/bitcoin/addrekss/1LQoWist8KkaUXSPKZHNvEyfrEkPHzSsCd
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