Bitcoin price is trying to clear $31,000 but is finding resistance so far over the last week. After the momentum from the BlackRock ETF announcement, the news of Michael Saylor buying 12,333 more bitcoin, and bitcoin outperformance during U.S. trading hours, bitcoin is in a current consolidation phase before the next expansive move. For bullish momentum to continue, we want to see $28,000 hold on any significant retrace. A further break to the upside needs to see $32,500 cleared as a lot of liquidity still exists at that level from the initial bear market breakdown. Overall, the biggest changes in indicators have been the significant inflows in bitcoin investment products of $187.6 million from the previous week, while the GBTC discount has breached below 30% again. U.S. GDP growth came in strong for Q1 relative to expectations and the latest jobless claims data is still not showing recessionary level signs. The 3-month/10-year Treasury yield curve inversion has been a historically accurate recession predictor and if it holds true, there’s a higher probability that recession takes shape in late 2023 or even early 2024. Futures annualized rolling basis is also much higher as traders and speculators join in on the rally for arbitrage plays. Perps funding rate is also fairly positive here indicating this is still a reasonable local top area to wipe out some additional market froth built up in the 84% rally YTD.
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: 6/29/2023
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Market Dashboard
Market Summary
Bitcoin price is trying to clear $31,000 but is finding resistance so far over the last week. After the momentum from the BlackRock ETF announcement, the news of Michael Saylor buying 12,333 more bitcoin, and bitcoin outperformance during U.S. trading hours, bitcoin is in a current consolidation phase before the next expansive move. For bullish momentum to continue, we want to see $28,000 hold on any significant retrace. A further break to the upside needs to see $32,500 cleared as a lot of liquidity still exists at that level from the initial bear market breakdown. Overall, the biggest changes in indicators have been the significant inflows in bitcoin investment products of $187.6 million from the previous week, while the GBTC discount has breached below 30% again. U.S. GDP growth came in strong for Q1 relative to expectations and the latest jobless claims data is still not showing recessionary level signs. The 3-month/10-year Treasury yield curve inversion has been a historically accurate recession predictor and if it holds true, there’s a higher probability that recession takes shape in late 2023 or even early 2024. Futures annualized rolling basis is also much higher as traders and speculators join in on the rally for arbitrage plays. Perps funding rate is also fairly positive here indicating this is still a reasonable local top area to wipe out some additional market froth built up in the 84% rally YTD.
Mining Dashboard
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Password: B6cGwS89k%arLESVek
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.
Not financial advice.