After putting in a lower high, bitcoin price momentum has lost some steam over the last few weeks at the $30,000 level. Areas of interest for a break to downside are $27,000 and $25,000. The 200 WMA exists just between these levels at $25,954. There’s been little change to the bearish indicators over the last month with the realized bitcoin price below $20,000, a wind down of the annualized futures basis and pricier calls compared to puts in the options market. Fund flows have been negative for two weeks straight as this has been a logical area in the short term for speculators to lock in profits. The broader market continues to weigh the impacts of American regional banking failures and the timing of a Federal Reserve path for rate cuts. As these concerns mount, we still see the risk of another broader market selloff still in play this year as the larger economic credit contraction is underway. Despite these concerns, some long-term cyclical indicators still show bitcoin being at an attractive accumulation price here. Yet, it’s worth seeing how bitcoin price performs on any potential retest of $25,000 first. There may be an opportunity to acquire more bitcoin at lower price levels soon.
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: 5/3/2023
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Market Dashboard
Market Summary
After putting in a lower high, bitcoin price momentum has lost some steam over the last few weeks at the $30,000 level. Areas of interest for a break to downside are $27,000 and $25,000. The 200 WMA exists just between these levels at $25,954. There’s been little change to the bearish indicators over the last month with the realized bitcoin price below $20,000, a wind down of the annualized futures basis and pricier calls compared to puts in the options market. Fund flows have been negative for two weeks straight as this has been a logical area in the short term for speculators to lock in profits. The broader market continues to weigh the impacts of American regional banking failures and the timing of a Federal Reserve path for rate cuts. As these concerns mount, we still see the risk of another broader market selloff still in play this year as the larger economic credit contraction is underway. Despite these concerns, some long-term cyclical indicators still show bitcoin being at an attractive accumulation price here. Yet, it’s worth seeing how bitcoin price performs on any potential retest of $25,000 first. There may be an opportunity to acquire more bitcoin at lower price levels soon.
Mining Dashboard
PDF Versions
For LIVE access to the Dashboards, visit:
Market Dashboard
Mining Dashboard
Password: 7LY&w8x^V2Uz
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.