BTC- Quick fundamental, derivative and on-chain recap
*The STABLE Act bill, if passed, would require stable coin issuers to comply with Federal reserve and a banking license registration and to follow the same level of regulatory requirements as banks. Similar sentiment is echoed by G7 officials.
*Buy bitcoin google search has recently reached a level not seen since early 2018
*Coinbase's web traffic recently surged to the highest level not seen since April 2019
*Global bitcoin options OI hit another all-time-high recently
*Future traders on Binance are bullish on BTC, but future traders on Bitmex, Okex and Huobi seem to be bearish on BTC
*BTC options expiry on Dec. 25th will be the largest expiry in USD terms
*DEC. CME COT report on BTC indicates that whales' net short has reached all-time high
*BTC 3 month realized volatility is slowly ticking up
*Total DeFi unique addresses have recently surpassed 1 million mark
*SOPR (Spent Output Profit Ratio), Coin Days Destroyed (CDD) and BTC MPI (Miners' Position Index) indicate that the short-term correction is coming while realized price & realized market cap indicate that overall BTC price is in a healthy trend.
I expect the short-term correction to end around 16k or 13k. Historically, BTC has a mixed Q4 performance, but typically performs poorly in Q1 so we could be expecting a slow correction process that may not end until January next year.
*Buy bitcoin google search has recently reached a level not seen since early 2018
*Coinbase's web traffic recently surged to the highest level not seen since April 2019
*Global bitcoin options OI hit another all-time-high recently
*Future traders on Binance are bullish on BTC, but future traders on Bitmex, Okex and Huobi seem to be bearish on BTC
*BTC options expiry on Dec. 25th will be the largest expiry in USD terms
*DEC. CME COT report on BTC indicates that whales' net short has reached all-time high
*BTC 3 month realized volatility is slowly ticking up
*Total DeFi unique addresses have recently surpassed 1 million mark
*SOPR (Spent Output Profit Ratio), Coin Days Destroyed (CDD) and BTC MPI (Miners' Position Index) indicate that the short-term correction is coming while realized price & realized market cap indicate that overall BTC price is in a healthy trend.
I expect the short-term correction to end around 16k or 13k. Historically, BTC has a mixed Q4 performance, but typically performs poorly in Q1 so we could be expecting a slow correction process that may not end until January next year.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.