Feels a little like the calm before the storm today as Bitcoin sits just below key levels. The earlier rumor that Oracle would announce a purchase of 72,000 BTC failed to materialize, and was blamed by some for the soft performance over night. If Oracle hasn't actually purchased yet, and remember that Larry Ellison sits on the Tesla board, then that's another 72,000 to find and be moved into cold storage...
Bitcoin balances on-exchange have fallen once again, and you now have to go back to August 26th, 2018 to find a corresponding value of 2.4M. The ATH of exchange balances is just north of 3M, printed on March 16th, 2020—as the world headed into chaos—which suggests that, since then, 600k Bitcoin have been bought, and left exchanges for custodian, or self-custodian, wallets.
On Friday we noted on-chain data showing us that $47,000 had become a key level for Bitcoin, with over 500K BTC exchanging hands around that price. Over the weekend, as prices held and closed above key support at $48,500, the on-chain activity expanded to show over 1.2M Bitcoin around the $47,000 area.
Bitcoin has struggled to shake off the negative market sentiment today. As we head into the weekend trading session, the bears may well feel that this is the opportune moment to strike and push prices lower. With the institutional bid 'theoretically' removed from the market on Saturday and Sunday, key support levels may fail to hold and leveraged longs may find themselves at the mercy of the auto-liquidation engines of certain, not to be named, exchanges.
It appears we are one step closer to the first Bitcoin ETF being approved and listed in the US, and it look's like it will happen on LaSalle Street, Chicago. The CBOE (Chicago Board Options Exchange) has made the application to the new SEC chairman, and ex-blockchain professor, Gary Gensler, in what appears to be a well timed, slam dunk.
Another push higher today has left us wondering if the fear of a market meltdown really happened last week. The noise is hard to overcome at times, and being able to keep a clear head an execute a trading plan is never easy when Twitter is awash with laser red eyes, wiping away tears.
Welcome to your Weekender, the weekly recap of all things Bitcoin. Each week, we review the news stories our readers deemed to be the most interesting. Unsurprisingly, the top-clicked link this week involved the proposition that Bitcoin might fall in price due a large movement of BTC!
Ever wondered just how bullish Michael Saylor really is on Bitcoin? “None of the trading matters. None of the volatility matters. People that are living in their little world, studying their Fibonacci retracements and preaching with incredible conviction about the upcoming expected 60% retracement or 80% retracement, they are overlooking this fundamental issue, which is if Bitcoin is a digital monetary network and if enough people with money and power decide to adopt it, it’s going to go up and increase by a factor of a 100 or 1,000. And there’s nothing you can do to stop it.”