Retesting The Underside
Bitcoin is retesting the underside of the Short-Term Holder cost basis, which is a critical level to reclaim, but also where we can expect significant sell-side pressure to be engaged.
G’day Folks,
Bitcoin is back to kicking ass, having rallied back to $93.5k.
This is an extremely important level.
It aligns with the Short-Term Holder cost basis zone, and breaking through it would be a strong signal that ‘we’re so back’.
If we rewind to the 2024 chopsolidation range, it took three attempts at breaking this level before we finally busted through. Readers will remember the market update called Polarity Shift, which I recommend a quick skim read of, as many of the same concepts apply today.
Today’s post is going to be an assessment of the Bitcoin market, looking at everything from the onchain domain, ETF flows, and derivatives. I want to establish a case for whether this rally is to be believed, or is it setting up for a structurally significant lower high.
If there was ever a place for overhead supply to come back online as sell-side pressure, this would be it.
📈 Reminder: you can find the charts from our articles on the Checkonchain Charting Website, and a guide in our Charts Tutorial Video.
Premium Members will find the TL:DR summary, video update and the rest of the written post below. Consider upgrading to premium today to unlock the rest of the content!