Bitcoin is back in November 2020 — here are five BTC price triggers to watch this week.
“We only got two touches of the oversold territory in the past & they have always marked the exact bottom as well,” he tweeted at the time.
At the same time, alarm bells are sounding for global bonds, which have fallen back to 2020 levels. Markets commentator Holger Zschaepitz“Looks like the bond market bubble has burst. The value of global bonds has plunged by another $1.2tn this week, bringing the total loss from ATH to $12.2tn.” With crypto still highly correlated with stocks and inversely correlated against dollar strength, the outlook for Bitcoin is thus less than positive as the status quo looks set to remain.
According to on-chain analytics firm Glassnode, Bitcoin’s so-called Coin Days Destroyed metric is setting new lows. Glassnode meanwhile additionally noted the increasing prevalence of coins hodled for at least three months as a proportion of the USD value of the BTC supply.An accompanying chart showed Bitcoin’s HODL Waves metric — a depiction of the supply broken down by coin dormancy.Whales still dictate support and resistance
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