BTC Largest Spike from Whales

🔸The amount of Bitcoin transactions valued at over $1m spiked to its highest value in over a month

🔸Whale moves are busy today, and spikes such as this one can often be a precursor to price direction shifts

Bitcoin's correlation with Stablecoin supply

🔸 When large amounts of stablecoins are on the sideline relative to crypto's mkt cap, market participants have to chase the rally higher

🔸 When there's a lot of stables deployed but no one left to buy, market runs out of new buyers.

A good reminder to keep track of stablecoin supplies which is inversely correlated to BTC

Source

🔸A $1.7B $ETH long futures contracts was bought recently. This is the largest order in 7 months

🔸BTC broke out from the extreme fear sentiment this week. The first time in 73 days

SP500 Update

🔸 SP500 in the Daily using line chart has broken out of this falling wedge after being squeezed all year long
🔸 This also adds a positive sentiment to crypto space due to its correlation

NASDAQ100

🔸 Same as the S&P500, after NASDAQ made a successful breakout of this big falling wedge since January, it’s currently on the verge on its breaking out of the horizontal Resistance.
🔸 If the price continuous to make higher highs, this could add a positive sentiment to Crypto.

🔸Altcoins particularly DeFi projects have been seen all recovering this week from market downtrend

🔸DeFi can be seen as one of the earliest categories in Crypto to receive adoption by retail pre speculation

Bitcoin Balance Distribution

🔸 1. Number of addresses from 1k-10k - decreased their amount of $BTC
🔸 2. Number of addresses 10k+ increased their $BTC stack

Looks like there's a transfer of BTC from weak hands to strong hands

🔸 Retails are accumulating continuously represented by entities with 0.1-1 BTC

🔸 Pink line shows the 90-day change. This can be seen as extraordinary volume based on history

source

🔸 As expected, once the NASDAQ crossed the 200MA the buying algorithm took over.
🔸 Remember that Crypto is correlated with the Nasdaq hence the pump would give strength to Bitcoin as well.

Bitcoin Total Addresses passed 1 Billion 🚀🚀

source

ETH Exchange Inflow
🔸 About 800,000 ETH were withdrawn from the Gemini exchange today.
🔸 As a result, the exchange reserve of ETH in all exchanges has renewed at the lowest level since the end of 2018.

July 22 Bitcoin Update

🔸BTC is trading above the 50-MA at $22,687 and the 200-MA Weekly from the last 3 days

🔸US index is also performing well from the last 3 days but yesterday, the Snap result created a short term fear in tech stocks. Snap dropped 32% in the last 24 hrs.

📢Large companies will share their earning reports next week.

📢FOMC meeting will take place on July 27, we can see volatility in the market for the next 5 days. We can see profit booking in both the US index and crypto

✅Any good correction will be a buying opportunity.

✅Many alts are presenting a good breakout, if they are able to hold support for 4-5 days, then we can see a positive rally.

🔸in short we are in the middle of a rally where market is facing a bear event. Once uncertainty gets cleared, market will bounce again.

📢Important Dates to keep an eye on next week!📢

The most volatile week ahead for Stock Market & cryptocurrency.

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