Riding The Wave News Summary #18

Bitcoin’s RSI, dropping supply, & a NYSE NFT market?

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News

Table of Contents

1. Tweets (Bitcoin’s RSI, dropping supply, & a New York Stock Exchange NFT market?)

2. Bitcoin on-chain data hints at institutions ‘deploying capital‘ at expense of ‘hodlers’

3. SEC v. Ripple: Here’s how two 2012 memos can turn the tide in the milestone crypto case

4. Warren Buffett invests $1B in Bitcoin-friendly neobank, dumps Visa and Mastercard stocks

5. Some lawmakers and their families are betting thousands of dollars on crypto

6. Colorado’s Plans To Accept Tax Payments in Crypto Could Be Rocky for Investors

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Tweets

Hamza @Itsdehamza

With an average pullback of 48% in this instrument, #BTC tends to pump 203% on average. Which means that "IF" 33k was the bottom then we can expect a 203% gain targeting exactly 100K$ mark.

xaman @xamanap

@santimentfeed Massive #Bitcoin drop of supply on exchanges. Last time such a big supply dump happened was October 2020, BTC price pumped 290%.

PlanB @100trillionUSD

#bitcoin weekly RSI looking incredibly bullish🔥

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

💥RUSSIA to reveal #Bitcoin & Crypto laws by end of this week.

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

💥BREAKING: Russia to allow #Bitcoin mining in regions with a "surplus in electricity generation".

Blockworks @Blockworks_

NEW: The New York Stock Exchange filed trademarks to launch an NFT marketplace - Bloomberg

Blockworks @Blockworks_

NEW: JPMorgan is the first bank into the metaverse, opens a lounge in Decentraland

Blockworks @Blockworks_

BREAKING: Twitter adds Ethereum wallet to its tipping feature - @CoinDesk

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Bitcoin on-chain data hints at institutions ‘deploying capital‘ at expense of ‘hodlers’

The price recovery witnessed in the Bitcoin market across the last two weeks has coincided with a rise in hodlers and speculative investors selling their coins, according to data provided by researcher Willy Woo.
Nonetheless, BTC’s price ability to withstand the selling pressure meant there was buying pressure coming from elsewhere. As Cointelegraph reported earlier this week, so-called Bitcoin whales are accumulating BTC at current price levels.
“This selling is contrasted by exchange data showing sophisticated passive buying on spot exchanges and movement of coins to whale-controlled wallets,” wrote Woo

Hunain Naseer, a researcher at OKX, said Bitcoin would need more time to consolidate ahead, given its recent rejections and deviation from its 20-day moving average, as shown in the chart below. Nonetheless, reclaiming $46,000 would likely have BTC’s price test $50,000 next.

On the other hand, Woo called $33,000 a solid bottom for Bitcoin, given the recent selling sentiment among hodlers and speculative investors.

It may take a couple more weeks for us to take off but I think we have built a strong base of support. If we were to dip back (which would surprise me with the low supply & whale purchases) I would not expect us to drop lower than the levels we previously bounced off of. I think it’s more likely in the case of a drop that we bounce before we even reach that range.

Full Article