Hello my fellow bloggers! Today I want to show you some indicators that supported BTC moves this week and share some thoughts on BTC cycle stage.
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Let’s start with BTC inflows/outflows to exchanges on this week. As you can see on the chart below, BTC was more or less stable during this week. At the beginning of the week miners were and long term holders were moving BTC to exchanges as more buyers were coming in. According to the chart, we see parity between buyers and sellers. Yet still more BTC left exchanges than came in.
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Maybe BTC was stable on the market, but stable coins were moving fast. First of all I need to mention some insane printing on this week. The biggest one time USDT minting was 1 billion dollars. So far USDT printer works as hard as US dollar one. According to the chart below. Stable coins were moving to exchanges really fast. As always, large inflows of stable coins pushes the market up. You can agree this is exactly what we saw on this week. At first BTC was moving up, closer to the end of the week altcoins followed.
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So far, it seems the trend with stable coins will continue on the next week. This means market will continue to group. I hope this time alts will be moving faster, but this my dreams of altcoin seasons to fully start.
If you believe in BTC halving cycles theory, you may like the opinion below (not mine):
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According to this chart, we are still in acceleration phase. Market has just turned on its hyper drive and started accelerating. If things will follow 2017-2018 pattern, we will still have a few month of bull market ahead.
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Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
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