The crypto market is having a quiet weekend so far, although
it's certainly encouraging the way critical support is holding both on Bitcoin and the Crypto Tota When we see critical support holding out and the price moving sideways, it can be that accumulation is ongoing and a sizable recovery is not far away.
Next Friday we have the Jackson Hole Symposium. Previous Fed
Chairs have used this occasion to make big policy changes. So the crypto market has a few days to get moving higher as traders usually take some risk off the table 1 or 2 days prior.
On-Chain Action
On-chain data from Cryptoquant shows that the Coinba*e Premium gap is widening in favor of buyers. This signals heavier spot demand from U.S.-based institutions that rely on Coinb*se as their primary exchange.
Typically, the increased premium coincided with strong
Bitcoin upward moves, and bullish pressure actually lasted longer.
Divergence
Going through the price charts this weekend and I see that a
couple of layers of bullish Divergence have formed for both Bitcoin and the CTMC. Bitcoin has bullish MACD price divergence upto the 119,000 and 122,000 levels, while the CTMC has it upto the 4 trillion USD mark and also the 4.10 trillion
