For the last month, we’ve been in the same range and story for bitcoin price action. It’s been a period of boredom and patience after an explosive 100% rally from the lows. Our market summaries highlighted the momentum losing steam over the last few weeks and we still think a larger breakdown is a likely case, especially given yesterday’s violent selloff. $27,000 continues to hold for now but losing it means retesting key levels of both the 100 DMA and 200 WMA at $26,000 with the short-term holder realized price at $25,273. We’ve still yet to see new, expansive regimes for M2 or global central bank assets in USD terms. However, global central bank assets still remain nearly $1 billion higher than levels in October 2022. The U.S. dollar continues to consolidate here while the VIX remains muted. As of late, network activity has been a boon to miners with hash price back over $1. Fund flows were negative again over the last week. For months, we’ve been in a period where bitcoin has largely been uncorrelated to most of its counterparts, but that is beginning to change. Correlations of bitcoin and high yield corporate debt (HYG) have climbed much higher over the last 30 days. HYG correlations were some of bitcoin’s strongest throughout 2022 as broader risk sold off, so this strengthening correlation is worth noting.
We will send an updated password for the live dashboards every Thursday along with the Market snapshot and summary. The live dashboards are currently optimized for desktop. Viewing on mobile may not be ideal at this time.
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PRO Market & Mining Dashboards: 5/11/2023
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Market Dashboard
Market Summary
For the last month, we’ve been in the same range and story for bitcoin price action. It’s been a period of boredom and patience after an explosive 100% rally from the lows. Our market summaries highlighted the momentum losing steam over the last few weeks and we still think a larger breakdown is a likely case, especially given yesterday’s violent selloff. $27,000 continues to hold for now but losing it means retesting key levels of both the 100 DMA and 200 WMA at $26,000 with the short-term holder realized price at $25,273. We’ve still yet to see new, expansive regimes for M2 or global central bank assets in USD terms. However, global central bank assets still remain nearly $1 billion higher than levels in October 2022. The U.S. dollar continues to consolidate here while the VIX remains muted. As of late, network activity has been a boon to miners with hash price back over $1. Fund flows were negative again over the last week. For months, we’ve been in a period where bitcoin has largely been uncorrelated to most of its counterparts, but that is beginning to change. Correlations of bitcoin and high yield corporate debt (HYG) have climbed much higher over the last 30 days. HYG correlations were some of bitcoin’s strongest throughout 2022 as broader risk sold off, so this strengthening correlation is worth noting.
Mining Dashboard
PDF Versions
For LIVE access to the Dashboards, visit:
Market Dashboard
Mining Dashboard
Password: 4%8rgNg$D@ow
We will send an updated password for the live dashboards every Thursday along with the Market snapshot and summary. The live dashboards are currently optimized for desktop. Viewing on mobile may not be ideal at this time.