New week New cryptomonday
Monday once again and the previous week was eventful. Big pumps on all kinds of coins , especially DOGE after Elon walked into twitter headquarters with a sink to let the sink it .. hahahaha.
So the big question remains bullish or bearish??
Holders keep on holding 65% of supply is on holders hands This is an encouraging sign for the long term story for bitcoin. Maybe bitcoin holders will surpass the gold holders for their endurance in holding btc.
we are in a holding period with old coins maturing on the network when this trends down it shows long term holders holding when we trend up they enter distribution mode
Supply on exchange shows the total amount of BTC held on exchange decreasing as holders accumulate and take coins off exchange and into personal storage.
50k BTC withdrawal from an exchange last week over 1bn$ in value
BTC outflows from exchange have been increasing and inflows reducing.
All of the above makes me think as a bull but....
The cost for mining right now sits at around 19k. Miners hold around 1.5Bn$ worth of bitcoin and we’ve seen recently with CORZ some of these miners are on the cusp of bankruptcy – CORZ SOLD over 1,700 BTC over the last few months and now hold 24 BTC… you read that right… 24 BTC owned by the largest miner on the network. This WILL be seen with other miners and the sell pressure remains a risk.
We are still seeing bitcoin being shorted heavy on pumps.
Everyone calling a top in the USD this would be good for risk assets currently we’re in a consolidation pattern and we could still see a higher USD here.
The FOMC meeting is around the corner and a new raise in interest rates will happen.
I think the fed will truly determine if we should be Bullish or Bearish
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