Checkonchain Bitcoin Newsletter

Checkonchain Bitcoin Newsletter

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Checkonchain Bitcoin Newsletter
Checkonchain Bitcoin Newsletter
Market Update: The Path to New ATHs
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Market Update: The Path to New ATHs

Bitcoin looks remarkably strong under the hood...with one small but important caveat...

James Check (Checkmatey)'s avatar
James Check (Checkmatey)
Jul 22, 2024
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Checkonchain Bitcoin Newsletter
Checkonchain Bitcoin Newsletter
Market Update: The Path to New ATHs
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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.

Bitcoin Monthly Chart and Choppiness Index | TradingView

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.


Premium Members will find the TL:DR summary, video update (23 mins) and the rest of the written post below. Consider upgrading to premium today to unlock the rest of the content!

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