#BTC #Analysis
**Technicals**
We didn't get that breakdown, but we definitely saw a stall in the upward momentum as $72.4k seems to be decent resistance. We did dip slightly and find initial support at $71.3k and if things stay as they are I do think we see a re-trace.
Why? well the RSI looks to be fatigued and volumes are decreasing. If you see volume in a downtrend and an RSI dropping below 50 you are generally expecting to see price follow.
**Fundamentals ETN & Saylor**
Despite the short term chart saying retrace the long term signals are as bullish as I've ever seen. And away from price action the real world is doing its best to pump price. Trump talking favourably, MicroStrategy buying and now the UK copying the US with BTC ETN's (our shitter version of an ETF - exactly the same but you dnt actually own the underlying asset. Don't all rush out and buy one at once 🤣 ).
As unatractive as an ETN sounds to the consumer, it shows two things that instituional demand (realisitically fomo at this point) is real and that we are just getting started on this bullrun. If in 12 months we get 5-10 ETN's buying BTC at 100th the rate of the ETF's and buying at current (or above prices) we'll be adding tens of billion more to the market cap over the coming 5 years.
In terms of Saylor the king of BTC has created another huge cash injection for BTC by selling convertable notes (basically a bond that you can convert into shares). The $800bn raised went straight into BTC and makes him again the biggest holder of BTC with 205,000 BTC. Slightly more than BlackRock who have 196k.
TL;DR
Institutional cash is currently flowing in (Microstrategy & ETFs) and more is coming (ETNs) so long term growth is inevitable. Short term (today) $72.4k is resistance, with support at $71.3k and $70k. We are likely to retest these supports unless volume increases.
**Technicals**
We didn't get that breakdown, but we definitely saw a stall in the upward momentum as $72.4k seems to be decent resistance. We did dip slightly and find initial support at $71.3k and if things stay as they are I do think we see a re-trace.
Why? well the RSI looks to be fatigued and volumes are decreasing. If you see volume in a downtrend and an RSI dropping below 50 you are generally expecting to see price follow.
**Fundamentals ETN & Saylor**
Despite the short term chart saying retrace the long term signals are as bullish as I've ever seen. And away from price action the real world is doing its best to pump price. Trump talking favourably, MicroStrategy buying and now the UK copying the US with BTC ETN's (our shitter version of an ETF - exactly the same but you dnt actually own the underlying asset. Don't all rush out and buy one at once 🤣 ).
As unatractive as an ETN sounds to the consumer, it shows two things that instituional demand (realisitically fomo at this point) is real and that we are just getting started on this bullrun. If in 12 months we get 5-10 ETN's buying BTC at 100th the rate of the ETF's and buying at current (or above prices) we'll be adding tens of billion more to the market cap over the coming 5 years.
In terms of Saylor the king of BTC has created another huge cash injection for BTC by selling convertable notes (basically a bond that you can convert into shares). The $800bn raised went straight into BTC and makes him again the biggest holder of BTC with 205,000 BTC. Slightly more than BlackRock who have 196k.
TL;DR
Institutional cash is currently flowing in (Microstrategy & ETFs) and more is coming (ETNs) so long term growth is inevitable. Short term (today) $72.4k is resistance, with support at $71.3k and $70k. We are likely to retest these supports unless volume increases.