Anonymous 🌖 $UST
Anonymous 🌖 $UST 3 minutes reading from Bitcoin

Bitcoin Price Bounces From $16k to $5,650; We’re Waiting for the Bottom

Morning update:

Early this morning, BTC dropped below 16k and the rebalance to invest an extra 5% of

our USDC holdings was triggered. So far, we have seen a very encouraging bounce but it's too early to call for the bottom.

For now, we will keep our rules in place but monitor the market in case we start to see some bullish signs👀 Bitcoin

The main thing we would like to see now in order to turn bullish is BTC decoupling from stocks. The main reason for this is the fact that we expect the stock to drop over the next few weeks👀

The first test will be already today when the stock market opens. The stock market futures are so far in red so let’s wait and see how things play out.

Furthermore, Coinbase Premium is still deeply negative. We would also like to see this sift back to positive before turning bullish👀 Bitcoin

So why did we then decide to invest 65% of our stablecoin holdings?🤔

On the flip side, the MVRV, measuring the profitability of BTC holders is at levels where we usually saw the cycle bottoms. This shows us that those are great prices for the longer term👀

Hard to say if this means that we already bottomed but the bottom is likely in or very close✅ Bitcoin

This post is based on this twitter thread.

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