BITCOIN CRASH!
Bitcoin has crashed to...**checks notes**...$101k and the Bitcoin world is in panic! Let's take a serious look at the sell-side pressure, and try to determine whether there is anything serious at play
G’day Folks,
I borrowed the headline of this post from the title of a Twitter spaces I saw running this morning. Something about the Fed raising rates, dollar strength, bond yields etc…
In markets, our emotions tend to live on the daily chart. We live our lives, we check the price, and we check our portfolio values. The natural human response is to take the latest daily red price candle, and our emotions start to run with it thinking ‘it’s all over and we missed the top!’.
Our decisions should live on the monthly chart, where things are slower, steadier, and it tells us what’s really going on. It takes active work to fight off our daily emotions, and avoid getting swept up in the Twitter engagement of the moment.
At the same time, it’s really important to not shrug off serious data and information that runs counter to our desire for Numba Go Up.
The cold reality is that the Lead Foot of profit taking is still very heavy at the moment, and frankly, it’s remarkable that we’re still above $100k.
Over 30k BTC per day is on the move from holders who have held for at least 6-months. This is the highest profit taking volume since the onchain top in Jan-2021, and is one of the highest readings in history.
For today’s video post, I try to reconcile these two realities, and lay the groundwork for how I think about navigating serious sell-side, and dips during bull markets.
Let’s get stuck into the data!
📈 Reminder: you can find the charts from our articles on the Checkonchain Charting Website, and a guide in our Charts Tutorial Video.
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