The Point of Control
Bitcoin has just retraced from a fresh $123k ATH, and returned to the prior trading range at $118k, printing a fairly ugly red price candle. This snapshot market update shares my thoughts for the day.
G’day Folks,
As usual, Bitcoin twitter is in a panic as the price pulls back to levels not seen since two days ago.
The bears are feeling emboldened by a hot PPI inflation print, and Treasury Secretary Scott Bessent went on TV saying the US government won’t be buying more Bitcoin for the SBR, before walking it back with another ‘budget neutral pathways’ tweet.
It’s all so tiresome…
I must admit, I do have a laugh whenever I hear ‘government’ and ‘budget-neutral’ in the same sentence. It’s almost like saying a politician told the truth.
Today, I wanted to share a very brief market update for our paid subscribers, just to get a lay of the land, and see if anything has changed from our ongoing market thesis. This sell-off hasn’t printed the prettiest of daily closes, but of course one daily candle doesn’t usually change a multi-year trend.
This post will be short and sharp (like SOPR), to see what’s going on under the hood.
📈 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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