Riding The Wave News Summary #18
Bitcoin’s RSI, dropping supply, & a NYSE NFT market?
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News
Table of Contents
Tweets (Bitcoin’s RSI, dropping supply, & a New York Stock Exchange NFT market?)
Bitcoin on-chain data hints at institutions ‘deploying capital‘ at expense of ‘hodlers’
SEC v. Ripple: Here’s how two 2012 memos can turn the tide in the milestone crypto case
Warren Buffett invests $1B in Bitcoin-friendly neobank, dumps Visa and Mastercard stocks
Some lawmakers and their families are betting thousands of dollars on crypto
Colorado’s Plans To Accept Tax Payments in Crypto Could Be Rocky for Investors
Tweets
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.
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