Market Update: The Path to New ATHs
Bitcoin looks remarkably strong under the hood...with one small but important caveat...
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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