Retail is still not on here & seems to be dead.
This becomes clear when we look at the entire market.
I've written out 6 points why retail is wrong again & we have a perfect base for a new Bitcoin ATH.
Let's have a look at some bullsih facts👇
1- All-time high of Bitcoin
Bitcoin is only a few % away from its all-time high of over $71,000.
It is the fifth attempt in recent months to break through the old ATH.
Resistance becomes weaker the more often it is touched.
A breakout looks very promising.
2- ETF inflows
There are massive inflows into ETFs.
The record (17 days) of consecutive days with positive inflows has been broken.
We now have 18 consecutive days of positive inflows.
Moreover, we have only seen the second largest inflow day.
3- Traditional financial market
The S&P 500 has reached a new all-time high.
Nvidia is now the second largest company in the world.
There is a frighteningly interesting correlation between NVIDIA & Bitcoin.
Will Bitcoin follow NVIDIA?
4- Open Interest
Bitcoin has reached a new all-time high in open interest.
The high open interest signals that many investors are betting on further price rises and have built up corresponding long positions.
In the past, new highs in open interest often occurred shortly before a new ATH of BTC.
5- Hash Ribbons Indicator
The Hash Ribbons monitor the health & activity of the Bitcoin mining network. This indicator is based on the hash rate.
The indicator uses two moving averages of the hash rate:
30-day average
60-day average
In the last few days we have seen a capitulation of miners due to unprofitable hardware through the halving. 30DMA > 60DMA
Now the moment seems to be coming again when 60DMA > 30DMA.
In the past, almost without exception, this has always been a solid signal for price increases
6- New ETFs
Thailand has launched its first Bitcoin Spot ETF.
Every new ETF launch means new investors & more buy pressure.
Another positive signal for the Bitcoin price.
So don't go bearish (yet)
Posted Using InLeo Alpha
"We now have 18 consecutive days of positive inflows."
sorry, but this is not true, at least acc. to this source:
https://farside.co.uk/?p=997
Yeah this was on my drafts from days ago, this was supposed to go out around 10 days ago and I missed it xD
I think more people around here are probably more worried about the price of HIVE than BTC. But it's a good message either way! We will recover!
But ultimately 90% of $hive's price action depends on $btc's 😅
$hive is not even hurting that bad tbh, but I think Hivers don't really keep track of much outside so yeah, these 20c level hurts - you haven't seen others real bleeding hehe
Jaaaa I todos con los pantalones abajo sin dinero para comprar esas ofertas como nuestra amada hive que casi está regalada.
Spot ETH trades will revive the market for sure.
This might be a great opportunity to collect some strong altcoins with stablecoin funds ✌️
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