Tether Now Holds Over $5 Billion Worth of Bitcoin to Back USDT (But Should It?)
- Thread starter schizo
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I'm no TA expert, but back in Dec, we also had a range that first broke to the upside, only to be beaten back down after the ETF launch. But look, it only dipped a little bit below 40k and then rallied nicely.
Now we have a similar situation. We have had a break below range lows, and now we need to see what happens. The sentiment in Jan was much better, and it only took about 4 days to firmly get back up into the range. I know some people are calling for a test down to 50k, especially since there is a high volume node down there, but a break of a range low doesn't mean anything if there is no follow through.
I mean would anyone be willing to take a 1:1 bet of which will hit first... 15k higher for a hit of ATH at 73k? or 15k down to hit a low of 44k? If anything, after breaking the low of a multi month range, I'm not sure if betting on a significant drop is the correct PA play.
I saw a chart looking at the similarity of when the US etf's launched and price went down to now when HK etf launched
The US bitcoin spot etf's had the worst day yesterday with the outflows, even Blackrock Ibit had an outflow for the first time since launched (and prior 3 sessions had 0 flows, no in or out)
The one explanation that I saw is the sell in may and go away same with the equities market
Australia is also going to have bitcoin spot etf and Fed meeting yesterday was dovish, things might not be so bad
After watching the most recent episode of WBT with Seth for Privacy, I think its quite clear that this is an attack on bitcoin from the DOJ. I think it makes sense that the ETF holders, which are the weakest hands, would sell, and I guess I can't blame them. There is always a chance to get in later if the trend should change. Even deaddog is short bitcoin right now, and although his short isn't the same thing as selling the ETF and hence isn't selling coins, I think lots of people are just looking at the chart and jumping off since its only a NGU investment for them.
So saying all this, I'm just not sure how much price chart analysis will help in this environment. Many people will likely want to see the outcome of these recent arrests before getting back in, or what we will need is substantial buying from outside the US. (Hong Kong buying was apparently only 1/10 of the expected volume)
On the flipside, I did see Plan B's video on YT, and he mentioned that because of the current hash price, bitcoin will have to hit 100k. So that sounds positive, but deep down, I just don't see how any of this matters if the general public is scared away. I know that some of the charges brought forward like "money transmitting" are a huge stretch, but until this goes to court and is settled, I think this does curtail the bull run.
I would of course love to see the rest of the world step up, and I'd honestly love to see the US left in the dust and forced to play catchup, but these recent arrests are I think are a huge blow. I have no doubt that USD is dead long term, and I have no doubt that every day more people learn that the reason they are struggling is because of fiat, and none of this will change since the government will keep spending and stealing, and in fact this will even accelerate, but I honestly think there will be pain for a while.
DID Decentralized ID on the (Bitcoin) blockchain. I saw that and I'm like, dude, wtf
Saylor also wouldn't support the funding of Bitcoin open-source devs while Jack has already done this for years and he might have even discouraged others (Ark?)
Starting to think Saylor is a bad actor, but I'm still holding mstr calls, lol, so still rooting for mstr to shoot up in the next 2 months