Over the weekend, the European Central Bank (ECB) published a paper titled "The Distributional Consequences of Bitcoin," sparking debate within the community. Increasingly, it’s becoming harder to take certain arguments seriously.
Our speedometers show that Bitcoin is dominating the market, with bullish price momentum, risk levels remaining at zero, and fundamentals that have improved since our last reading. Let’s see the details.
Speedometers indicating the current state of BTC. The full dot represents the current reading and the white dot represents one week ago.
Price Momentum Developing.
Over the weekend, we saw a whale purchase more than 38,000 spot BTC, sending it to a wallet that has been accumulating without making a single sale. On the other hand, CME Bitcoin futures have reached a new all-time high. Interest in Bitcoin spans both the spot market and the futures market, which is something to take into account when establishing a strategy, as we've been analyzing in recent playbooks.
CME Futures have been marking new ATHs since Bitcoin ATH.
This week closed with Bitcoin showing a performance of 10%, and we saw how the price momentum shifted into the positive quadrant. What we're now looking for to support a continued ascent for Bitcoin and a sustainable breakout from the consolidation is for the price momentum to establish a range before the next upward move is triggered.
YTD time series of Bitcoin Price Momentum.
Bitcoin Health Status.
The Hash Rate has once again reached an all-time high, signaling that the network is robust and secure. After the cycle's low was marked in June, and a higher low was established in early September before...
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