G’day Folks,
It has been yet another weird weekend in the world, and Bitcoin is back on the move. BTC prices briefly cracked above $68k, and is consolidating just below $67k at the time of writing.
Whilst it is a tired trope, zooming out really does help the market into perspective. The macro Quiet & Trending market structure remains intact, and it honestly is hard to be too bearish looking at this monthly chart.
What I see is a multi-month period of chopsolidation which is helping the market digest the 350% gain throughout 2023-24.
In this piece, I will give a quick update of the underlying market conditions, and investigate the buy-side vs sell-side dynamics of onchain, spot, and derivatives markets.
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