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⚡️Daily analysis of the cryptocurrency market from open and closed sources. @Disclaimer_information @PaidPromotion_only @Insider_Private Channel owner:- @MrBybit
#mysteryofcrypto
#Bitcoin Update ( Continuous)
🔶Bitcoin is Forming a symmetrical triangle Patter. If bitcoin breakdown this pattern we may see drop in its price.
🔶It may test 42,700 which is working as Support level. For the bullish move bitcoin need to give candle closing above 44,200 resistance level..
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If #Bitcoin hits $44,500
Over $600,000,000 in shorts will be liquidated.
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BITMEX whales that were driving the price is taking profits
During our 37~43k jump BITMEX OI has aggressively increased. Over 40% over OI increase was noticed during the period.
Today, seems like they have taken their profit. Funding Fee's dropping, OI dropping as the positions are getting closed.
Caution needed in case you are waiting for the next push.
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Bitcoin Supply Shrinks Amid Anticipation of Major Market Events
In late October 2023, the Bitcoin market experienced a notable event as the price hit $34.4K, indicated by a green dot 🟢. At this point, there was a decrease in selling activity from both short-term holders (STH) and long-term holders (LTH). Such simultaneous holding of assets by both groups of investors had not been observed during the current year and is an indicator of a reduction in coin supply in the market.
The reduction in supply coincided with growing expectations of the approval of a spot Bitcoin ETF and the approach of the next halving, an event that traditionally increases interest in Bitcoin and can lead to an increase in its value due to rising demand coupled with a decrease in new supply.
The decrease in sales from both STH and LTH, combined with positive investor expectations, may create conditions for further increases in the value of the first cryptocurrency.
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#Bitcoin dominance is currently at 51.8%
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#52kskew
Some data points for the day here
note relative consolidation on BTC & ETH vs rest of the alt market
Large discrepancy or variance between funding rates being paid for margin on BTC & ETH vs rest of the alt market which is pricing quite a bit higher (costs significantly more to be long on shitcoins vs BTC or ETH currently)
So with that being known, there's two plays here depending on the performance of BTC
if there's a LTF puke at any stage, likely see funding resets pretty quickly with a swift de-leveraging of longs on alts (that's when you get into alts)
else BTC continues to dominate the market trend
~ ETH out performance against alts would suck liquidity from shitcoins
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JP Morgan CEO Jamie Dimon says he would “close down crypto if he was in the government”.
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#The_Golden_Ratio
#BTC_Update 1H
It looks like the price is finding another consolidation range between $44.3k to $43.4k region as well. This also can be our guidance toward the next possibility for BTC’s movement as the liquidity in the upside is shrinking as of now.
If during the next movement we find the price drops below the lower range of this consolidation pattern, there is likely possibility for the price to chase the liquidity located at $41.4k , $40k and $38.5k as the final step before it shows us another upside push.
All of the white lines I covered on the chart are the place where liquidity is located and the place for possible refuel position for the whales.
Please consider this condition before you jump in another position, especially if you want to long the market as well.
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#whale_map
#BTC_Update
If you are planning on getting into trades, the risk reward profile is super simple right now 👉 highly unlikely we will be going below $28,000 anytime soon
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FTX has been approved to start selling $744M of its Grayscale and Bitwise assets 👀
$597M of which is GBTC 😮
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🇺🇸 BlackRock met with the SEC and shared a "revised in-kind model design" for its spot #Bitcoin ETF.
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In less than 50 days, the SEC has to make a final decision on the first spot #Bitcoin ETF!
After the court ruled that the SEC needs a stronger case to deny Grayscales spot ETF, I don't think they can kick the can down the road much longer.
Will they approve them all in one go?🤔👀
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🇺🇸The United States announced a revised annualized quarterly rate of real GDP in the third quarter of 5.2%, expected 5.00%, and the previous value of 4.90%, a new high since the fourth quarter of 2021.
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RIP Munger
In 2013, he equated Bitcoin to rat poison. "I think it's rat poison," he said. #Bitcoin was worth $150 that year.
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#PostyXBT
#BTC_Update 8H
So which pattern holds the most weight?🤔👀
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Bithumb, South Korea’s second largest exchange, announced the launch of TRC20-USDT and the opening of the Korean won trading pair. Korean exchanges are mainly denominated in Korean Won or BTC. Upbit, South Korea’s largest exchange, currently does not list USD stablecoins. — link
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#WhaleWire
#Bitcoin fees have now surged nearly 3500% since August and are at a whopping average of $27.95, and expected to rise even further.
“The future of finance” 😅
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Judge Richard Jones accepted former Binance CEO Changpeng Zhao’s guilty plea on Wednesday but has not yet decided whether he can leave the country before his sentencing date in February, according to a court filing in the U.S. District Court for the Western District of Washington in Seattle. — link
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US district judge accepts plea deals agreed by Binance, former chief Changpeng Zhao and justice department -court filings
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🇺🇸 Operators of the largest North American #Bitcoin mining facility's armed security removed a competitors employees from their 125MW site to cease operations.
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Options traders are loading up on bets that #Bitcoin will surge to $50,000 by January — Bloomberg
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#rektcapital
#BTC_Update 1W
5 Phases of The Bitcoin Halving
1. Pre-Halving period
Approximately 4.5 months remain until the Bitcoin Halving in April 2024
Historically, any deeper retraces that occur during this period tend to generate fantastic Return On Investment for investors in the several months after the Halving
2. Pre-Halving rally
Then ~60 days before the Halving, a Pre-Halving rally tends to occur (light blue)
In anticipation of the Halving, investors "Buy the Hype" in an effort to "Sell the News"
3. Pre-Halving retrace
A Pre-Halving retrace tends to occur around the Halving event itself (dark blue circle)
In 2016, this Pre-Halving retrace was -38% deep
In 2020, this Pre-Halving retrace was -20% deep
This Pre-Halving retrace makes investors question whether the Halving was a bullish catalyst on price after all
4. Re-Accumulation
The Pre-Halving retrace is followed by multi-month re-accumulation (red)
Many investors get shaken-out in this stage due to boredom, impatience, and disappointment with lack of major results in their BTC investment in the immediate aftermath of the Halving
5. Parabolic Uptrend
Once Bitcoin breaks out from the re-accumulation area breakout into the parabolic uptrend (green)
It is during this phase Bitcoin experiences accelerated growth on its way to new All Time Highs
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#DaanCrypto
#BTC_Update 1W
$48K is the most anticipated and watched level currently.
We know what usually happens.
Either:
1. We front run it. Don't make people hit their take profits or entries if they are looking to short.
2. We demolish the level, taking out a lot of liquidity above and creating fomo for the people that sold at the level. Often price dives back below it if enough liquidity above is taken. This scenario tends to extend much further than people initially anticipate though.
Anyone's guess what happens where. I'd say just be on the look out for signs of overheating at some point and you can make an estimate of where this may start cooling down.
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🇺🇸Bank lending activity is now down ~1.5% over the last year, marking the first YoY decline since 2011.
Prior to Fed rate hikes beginning, bank lending was growing by 10%+ per year.
Since March 2022, we have seen a SHARP straight line lower in bank lending.
Even as the Fed has likely been done raising rate since July 2023, lending is still falling.
With higher for longer policy, we expect the cost of capital to remain permanently higher.
The era of "free" money is indeed over.
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💰 2024 #Ethereum Event List
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🇺🇸 $1.5 trillion Franklin Templeton filed an update to its #Bitcoin ETF application.
All the Bitcoin ETFs are now aligned for an approval by the 10th of January. 👀
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According to datamish, the Bitfinex whale closed approximately 8,018 BTC long positions today, which was the largest change since late March this year. A total of nearly 13,400 BTC long positions have been closed on Bitfinex since November, but there are currently more than 80,000 BTC long positions open. — link
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🇬🇧UK to Hit #Crypto Users With Penalties for Unpaid Taxes💰
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Historically the best day to buy #bitcoin is Wednesday.
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#BTC_Update
Bitcoin is green for the 7th week in a row.
The last 2 times this happened:
- Covid crash bounce-back
- Start of bull run 🤔
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