ridethepig | BTC Market Commentary 2020.08.04
It is Buyer's move and they are playing to damage their opposition with much effect. The capitulation from sellers here will be brutal as we start to see the liquidity trap. The buyers are rushing to capture an appropriate amount of safety and scarcity in BTC , perfectly reasonable behaviour when we are at this stage in the cycle and with confidence in public assets diminishing. It is not only the case with BTC , but also with other Crypto majors that the flows are coming.
Bitcoin is really starting to trade well even with Equities starting to look heavy. Flows are clearly leveraged dollar selling and also real money parking for the MT and LT . The moves will get sharper after the breakout on the log chart feels like we could easily continue to $13,000 in the short-term.
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