Admittedly bitcoin could move upward, however the trend for the last four months has been by and large a series of bulltraps / and beartraps - market makers exchanges etc. Ostensibly push the price upward just passed a logical area of resistance and sell off. This chart poses the possibility of the "Bart Simpson Pattern" aka swing failure - aka "pump and dump"
I pose the question in the title: "is there really demand right now?" This crosses my mind as if I was a whale and was going to buy a lot of bitcoin, I would've bought it 3 to 5 days ago, and I would be at least selling some of it as the price is going up now along with miners ect. (if I bought it on spot) - however in futures- if I was a market maker, mining cartel, long time holding whale- I would use some of my own bitcoin as collateral in futures and I would mark up the price myself with high leverage(long futures contracts), as the price increased I would slowly sell into it via spot, then I would short in futures- I'd win three ways (..wait, Whaa?! three ways? is that even possible)
This is all speculation based on my perception of what I would do to use my advantage in the market.
Good luck best regards
I pose the question in the title: "is there really demand right now?" This crosses my mind as if I was a whale and was going to buy a lot of bitcoin, I would've bought it 3 to 5 days ago, and I would be at least selling some of it as the price is going up now along with miners ect. (if I bought it on spot) - however in futures- if I was a market maker, mining cartel, long time holding whale- I would use some of my own bitcoin as collateral in futures and I would mark up the price myself with high leverage(long futures contracts), as the price increased I would slowly sell into it via spot, then I would short in futures- I'd win three ways (..wait, Whaa?! three ways? is that even possible)
This is all speculation based on my perception of what I would do to use my advantage in the market.
Good luck best regards
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*IF* SPX Moves like this pattern today Thursday Friday Monday and Tuesday then it's very likely that BTC will have an Uptend , this as adds confluence to the possibility BTC will have a temporary markup (possibly 46k(short squeeze scenario 50 K- though unlikely as there will be selling on spot as price moves up)- and this would make sense as the "market maker(s)" would have a chance to "buy back" shorts
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