Yes, very interesting day. Thank you for posting.
Considering that as bitcoin grows we are observing in last days
- Increasing volatility (a lot of "weak hands" are entering into Bitcoin market: those people are trend-follower that increase price spikes)
- Higher fees for transfer bitcoin (fees are calculated in bitcoin, not in fiat value, so if bitcoin value grows fees grow too)
I believe that using bitcoin as money will continue to became harder day by day. This is creating really big problem in bitcoin network (average fee for transation is over $20) and is giving a great chance to bitcoin’s competitors (for example, Litecoin and Bitcoin Cash).
So yes, Bitcoin is great by a price-based point of view.. But we have also to consider this significative trade-off that creates a systemic risk for bitcoin environment.
I've been impressed by the lack of BTC selling at every major milestone along the way. It doesn't even really look like it wants to sell off at $20k yet either.
Am I wrong, or is Coinbase one of the biggest gateway for new users to enter into BTC market? This would explain, at least in part, the lack of sellers (that anyway is in last days is a "normal" thing for all exchanges...)