Hello Everyone!
Welcome back to a Friday Video Update from the Bitcoin Data Newsletter!
In this week’s video I’ll be covering my short-term thoughts for price using some basic TA as well as the Liquidation Heatmap.
I’ll also be discussing my post for the day on Long-Term Holder MVRV.
Liquidity and volatility has ramped up… all to go mostly no where. Traders are placing their bets in hopes of scoring big on the next direction for price.
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Quick Summary
For my opinion on the short-term, I am in a watch-and-wait mode so I do not frequently change bias depending on whether Bitcoin is above or below 45k
Volatility is ramping up, but that seems to not be taking us anywhere and instead… creates massive wicks to both the upside and downside (primarily downside)
Most liquidity lies above on the weekly time frame, going all the way past 46k which may be an area of interest for price for the short-term
On shorter-term time heatmap frames like the 3-day, there are massive amounts of liquidity both above and below price as greed seeps in for traders hoping to score big on the next move
Primary horizontal resistance is at 44k, which Bitcoin has struggled to surpass many times
Pressure is building against this resistance, but that does not always mean that it will break to the upside
Long-term data remains over extended as the LTH MVRV shows us with a cross above the 2 value
Time frames until the mid-top after this occurs have been a maximum of 6 days, and we are currently at 1 month
This does not invalidate the observation, in the event 46k was not the (technical high) like the two cycle tops in April and the tops in 2023
For the ETF, I have taken a neutral stance to say I don’t know what will come of it, and will simply be present for it holding on to my portfolio
I prefer to watch data, instead of trusting speculative news events to bear any kind of fruit
