Assuming the worst case – a low rally, I’ve been trying to understand why is low, but price action is very . BTC has been very very . I’ve come to a conclusion that resolves a rally on “low volume”. I no longer believe that is low. I think there has been a major change that makes in Feb-April to now not a good comparison . The Chinese market is gone. The Chinese government has essentially removed all of China from the market – both miners and investors. The Korean market was also seriously shaken. By the looks of it, these markets were very large.
Some supporting ideas:
1. Kucoin is not Chinese – its a look at a market that didnt include the Chinese before or after. In theory, apples-to-apples comparisons can be made on Kucoin. I see the price action on Kucoin and the numbers are consistent with price movement.
2. The Chinese from miners and holders was so large that it disrupted the market with a flood of BTC in May due a threat from the Chinese govt . To us it was normal FUD coming from China, but the Chinese knew it was real and they went to market in a panic to sell. I believe this is what cut a normal blow off top short and caught everyone by surprise.
3. Price action on weekends from UTC 0 to UTC 8 used to be a very active and volatile. The last 3 months its all but dead. There’s no and little price movement during that Asian dominated period. This has been the biggest change that I’ve witnessed after the crash.
The latest move by BTC above 50k is very significant imo. With derivatives heavily biased to a price close below 48K today, it shows me BTC big money has other priorities than collecting premiums on derivatives – this was a where I’m always happy to say I was wrong. I’m looking for BTC to hold above 50k. My portfolio is in at 80% and stacked with the large caps. If BTC closes above 50K, I’ll be looking for an opportunity to go all in. We are only knocking on the .618 fib retracement, but at some point I have to take risk, and I see a lot of green lights. Helping understand the discrepancy resolves a nagging concern I’ve had the whole way up.
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