Now, the effect of the major short squeeze has worn off. Where will BTC go now?
5 months of downward price movement with low volume and volatility is worrisome, but the recent breakout of the downward trend would remain a lone silver lining of this distribution period if BTC can fend off the 8k retest.
BTCUSD realized volatility_10 day is 1/3 of what it was back in June & July
The Bitmex fund rate and OI are very low relative to the April-June period
Institutional buyers are not helping either. Bakkt's BTC OI indicates a lukewarm sentiment and COT-CME's institutional buying has been slowly increasing its shorts as do the 4 biggest shorts.
I think BTC ETF, ETH 2.0, and ETH future contracts on the U.S regulated exchange are some of the fundamental and catalytic changes that will get more retail money to flow into the crypto space
More liquidity, custody and ironically, regulation will probably inject the much-needed institutional money into the crypto market
Until then, patience and discipline will serve you well in this stagnant and low-volatility market condition
5 months of downward price movement with low volume and volatility is worrisome, but the recent breakout of the downward trend would remain a lone silver lining of this distribution period if BTC can fend off the 8k retest.
BTCUSD realized volatility_10 day is 1/3 of what it was back in June & July
The Bitmex fund rate and OI are very low relative to the April-June period
Institutional buyers are not helping either. Bakkt's BTC OI indicates a lukewarm sentiment and COT-CME's institutional buying has been slowly increasing its shorts as do the 4 biggest shorts.
I think BTC ETF, ETH 2.0, and ETH future contracts on the U.S regulated exchange are some of the fundamental and catalytic changes that will get more retail money to flow into the crypto space
More liquidity, custody and ironically, regulation will probably inject the much-needed institutional money into the crypto market
Until then, patience and discipline will serve you well in this stagnant and low-volatility market condition