My people! Are you hyped about Bitcoin or do you have it tucked away? The million-dollar question is: is this calm we see now the precursor to a rocket or a downturn? Let’s see what’s cooking!
It has been noted that Bitcoin [BTC] is in a stand-by this week. It's like when a boxer is waiting for the perfect moment to throw a punch, you know? Those playing with futures, those betting on whether it goes up or down, are at a neutral point, neither up nor down. That said, the largest exchanges like Binance are filled with buy and sell orders, with around 8 million dollars moving around, close to a 100 dollars difference. Serious stuff! Bitget and OKX are not far behind, with 4.6 and 3.7 million dollars respectively. It’s a market that is in suspense, waiting for a signal, a push!
Now, here comes the good part that makes us think big: are they quietly accumulating Bitcoin? Well, it seems so! In the last seven days, Bitcoin outflows from exchanges skyrocketed by 172% 🤑, while inflows fell by almost 6%! This is like when people start hiding treasure under the mattress and won’t let it go just in case. It means that investors are holding onto their Bitcoins and taking them out of exchanges, a clear sign that they don’t plan to sell them soon and trust that the price will rise like foam in the long run! It’s a very bullish move, so stay alert!
And it doesn’t stop there, because the miners, those who extract Bitcoin from the digital ground, are more relaxed than ever! The Puell Multiple dropped by 37.68%, reaching 1.00. This is important because if miners don’t feel pressured to sell their Bitcoins (because the price is good or they don’t urgently need the cash), then there isn’t a lot of BTC flooding the market! This reduces selling pressure and gives Bitcoin more chance to recover lost levels if demand starts to rise. It’s a relief, buddy! 😅
But, watch out for this! Despite all these positive signals, the overall atmosphere with Bitcoin remains a bit pessimistic, at -0.12. After such a rollercoaster in May, people are cautious, like a scalded cat avoiding cold water. It seems operators are still hesitant to dive in completely, perhaps due to economic uncertainty or because they don’t see a clear signal. This means that, although the underlying structure looks good, optimism is at rock bottom and there is no strong momentum for the price to soar. People are indecisive, my brother! 🤔
And to top it off, the financing rates for Bitcoin, especially on Binance, are like a yo-yo: they go up and down in the blink of an eye. This is the clearest sign that no one wants to take risks. People using leverage, that is, betting with more than they have, are waiting to see what happens, what spark ignites the fuse. And without those bettors putting in money, the momentum stagnates!
So, what awaits us? The market is like a pressure cooker, with a solid base: people are accumulating, miners aren't selling, and there’s plenty of liquidity. But sentiment and enthusiasm are low. This means that the next movement of Bitcoin could be explosive! 💥, as soon as a push appears. But for now, we have to wait. Stay alert, my people, because this story has just begun!$BTC
