GM BTC had some movement this morning. Im going to post this thread about what I think happened with Bitcoin the last couple days
First of all, I think this whole movement was made and orchestrated by exchanges, making you put money on Spot and get liquidated shorting the market.
On KuCoin for example, while BTC was hitting 21.3k, the total volume was around 220M, which to me seems ridiculous that we went +10% with only 200M Spot volume.
Over 100M of shorts were liquidated yesterday alone, thats basically everything there was to be liquidated in the bear market. There has to be some short of recovery or cool down, there can not be more retail gas in the market by now.
Also thought about, due to exchanges pumping the market, people deposit coins on CEXs, so they earn from trading fees, liquidations and deposits.
Im completely out of the market, threw a couple shorts at 19.7k and 20.5k but hit SL. I will wait patiently to short again. We might try getting to 22.5k, lots of institutional volume right there, wouldn´t surprise me at all by now.
This post is based on this twitter thread.