Feels like CT isn’t relevant anymore
The true whales are now mega tradfi firms
Basically nothing on CT matters for the direction of majors, and few ppl here even hold BTC
The irrelevance of ETH and weakness of ETHBTC on this dump seems proof that only BTC matters
I’m surprised by how hard BTC moved from 59 to 63 on relatively minor jobs news
That tells me the move wasn’t really about the macro, just that a lot of money wanted an excuse to risk on, and if S&P wouldn’t lose 5000 they were jumping back in immediately
The problem I see is that there still probably isn’t any real BTC demand at higher prices, unless equities push to new ATH, which seems unlikely
And BTC didn’t go low enough or spend enough time under 60k for enough coins to change hands to act as a springboard to new ATH
I think likely S&P bleeds back down as ppl realize next week that the jobs report didn’t really change much
BTC bounced much harder than I would have expected, but with no demand at higher prices and bleeding equities, BTC probably bleeds back down as well
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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