Bitcoin price fell as low as $29,500 today, but horushughes says looking beyond BTC’s crab market price action, it's clear that investors are bullish and accumulating.
Bitcoin are accumulating, and a value closer to 0 indicates they are distributing or not accumulating.”
Basically, buyers strongly accumulated from Nov. 2022 to Dec. 2022 and they were heavy accumulators from March to April 2023 when BTC recaptured $30,000 and the metric suggests they are doing the same in July as BTC attempts to either conquer the $30,000 resistance or received a boost from all the ETF andThe current price action and derivatives market data suggest that Bitcoin is in a crab market, where price remains range bound and consolidates for a prolonged period of time.
The price action in crypto exchange futures highlights degen longs and shorts trying to get ahead of price breakouts and that they are not having much success in the short term. JJ the Janitor suggests that a metric to watch is aggregate open interest, if that breaks down sharply from the current range then some true buy the dip opportunities could emerge. Currently, it’s still in an uptrend, albeit sideways, but seeing a surge in OI could also be interesting and likely news, regulatory or legislative event driven.While Bitcoin’s short-term price action might raise some concern among newer investors and day-traders, the on-chain perspective remains quite compelling.
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