After a brief selloff below $25,000, bitcoin smashed through both the 200-WMA and short-term holder realized price on the news of BlackRock filing an application for a spot bitcoin ETF. Market participants shorting into the move became extra fuel for bitcoin to break $30,000 again. It was the largest amount of daily short liquidations we’ve seen all year. With the BlackRock news, the GBTC discount also reached low 30s. Bitcoin fund flows were nearly back to neutral last week after several weeks of negative flows. The next key area for bitcoin is getting above $32,500. These are price highs before the 2022 summer cascade from the 3AC blowup and are both a major support and resistance level for bitcoin going back to 2021. There’s been no significant changes to global M2 or central bank balance sheet trends. As the relationship has held, bitcoin’s latest rally comes at a time where the VIX is at its lowest level since 2020, and SPX around 4400. Even though we’ve had a more cautious bias at these levels, bitcoin’s bullish momentum has been impressive, especially as the rest of cryptocurrencies are down anywhere from 10-50% off yearly highs. We will see how this bullish momentum plays out in the coming week as bitcoin retests this major support and resistance area.
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How's Mara mining 1245 bitcoins per month? Last month they were mining 702. Typing error?
It's correct. Driven by their hash rate increase and higher bitcoin transaction fees. https://ir.mara.com/news-events/press-releases/detail/1315/marathon-digital-holdings-announces-bitcoin-production-and
Sam! What im missing about SDIG? Is ridiculously cheap! Is there any explanation?
Awesome! Thank you!