BulRun
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There's no worse feeling than,
Waiting for price to go lower,
You leave,
Come back the next day
And price is higher
Just keeps going higher
Come back another day later,
Still higher.
Next time when you see an opportunity pull the trigger.
Remember what I said about don’t negotiate with yourself.
If it makes sense, don’t be afraid.
#BitEagleNews #BulRun
Waiting for price to go lower,
You leave,
Come back the next day
And price is higher
Just keeps going higher
Come back another day later,
Still higher.
Next time when you see an opportunity pull the trigger.
Remember what I said about don’t negotiate with yourself.
If it makes sense, don’t be afraid.
#BitEagleNews #BulRun
Bitcoin Remains at $50,000 As Dealer Compares Sell-off to 2015-2017 Halving Bull Market
Jeremy Siegel, an economist, pushes for emergency rate reduction after the market crisis.
Peter Brandt, a veteran trader, likened the Bitcoin sell-off to the 2015-2017 halving bull market.
Arkam Intelligence reveals large investors kept Bitcoin amid the sell-off.
On-chain data shows panicked short-term investors selling amid the market drop.
After a significant decrease since July, Bitcoin (BTC) climbs over $55,00 on Tuesday. After the market meltdown, economist Jeremy Siegel urged for immediate interest rate reduction. Arkham Intelligence data shows that BlackRock, MicroStrategy, Grayscale, and Fidelity maintained their Bitcoin holdings throughout the sell-off. Additionally, on-chain data reveals short-term investors selling in panic, suggesting a temporary rebound before the slump continues.
Finance professor and chief economist Jeremy Siegel has called for an emergency 75 basis point cut in the Fed funds interest rate in response to the recent market downturn, emphasizing the need for immediate action and proposing an additional cut next month to better align with the Fed's inflation and employment targets. He also criticized the Fed's slow response as a major policy misstep that could worsen market reactions.
"I'm calling for a 75 basis point emergency cut in the Fed funds rate, with another 75 basis point cut indicated for next month at the September meeting - and that's minimum," says Jeremy Siegel
A 50 basis point rate decrease in September is likely, with 98.5% probability and some calling for a "emergency rate cut" before the meeting, but mid-meeting cuts are rare. This might revive the crypto market after its recent collapse.
Veteran trader Peter Brandt wrote on X on Monday that the Bitcoin sell-off was similar the 2015-2017 halving bull market cycle.
Brandt stated," Please note that $BTC decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle."
According to Brandt, Bitcoin fell 27% from $650 during the 2016 halving week close to $474 before rising to $20,000 in December 2017. The latest reduction to $49,050 is 26% below the post-halving price of $64,962.
Bitcoin's price may fall lower before it rises due to the US economic slowdown and Israel-Iran tensions.
The $BTC fall after halving now resembles the 2015-2017 Halving Bull market cycle pic.twitter.com/cIm3WKzBog
Arkham Intelligence data shows that BlackRock, MicroStrategy, Grayscale, and Fidelity held onto their Bitcoin holdings throughout Monday's market sell-off, indicating high confidence in the cryptocurrency's future.
Spent Output Age Bands CryptoQuant USD indicator shows how long-term and short-term holders affect price changes by tracking the value of spent outputs by creation time.
Most on-chain activity in Bitcoin occurred from coins less than a week old, with approximately $5.2 billion changing within an hour from coins up to one week old. The bulk of the $850 million in realized losses from this spending pattern came from short-term investors, with just $600,000 from long-term holders. The significant amount of coins held for less than three months implies new investors succumb because to the price reduction.
USD chart Bitcoin Spent Output Age Bands
After breaking below the ascending trendline (made by merging successive swing lows from July 5) on Friday, bitcoin price fell 11.6% over the following three days and hit daily support at $49,917 on Monday. It gains 3.5% to $55,892 on Tuesday.
BTC may witness a dead-cat bounce, a brief price gain during a downturn, and find resistance around the 61.8% Fibonacci retracement level of $62,066. This level is a crucial reversal zone since it matches the broken trendline and the 100-day EMA at $65,596.
Without a break over $62,066, prices might fall 19% to hit $49,917 daily support.
The daily chart's RSI is 32, slightly above oversold. This suggests a brief relief rally before the decline begins.
A closure above the August 2 high of $65,596 would modify the market structure by creating a higher daily high. Bitcoin's price might gain 6% to retest weekly resistance at $69,648.#BTCMarketPanic #BulRun #BinanceTurns7 $BTC
Peter Brandt, a veteran trader, likened the Bitcoin sell-off to the 2015-2017 halving bull market.
Arkam Intelligence reveals large investors kept Bitcoin amid the sell-off.
On-chain data shows panicked short-term investors selling amid the market drop.
After a significant decrease since July, Bitcoin (BTC) climbs over $55,00 on Tuesday. After the market meltdown, economist Jeremy Siegel urged for immediate interest rate reduction. Arkham Intelligence data shows that BlackRock, MicroStrategy, Grayscale, and Fidelity maintained their Bitcoin holdings throughout the sell-off. Additionally, on-chain data reveals short-term investors selling in panic, suggesting a temporary rebound before the slump continues.
Finance professor and chief economist Jeremy Siegel has called for an emergency 75 basis point cut in the Fed funds interest rate in response to the recent market downturn, emphasizing the need for immediate action and proposing an additional cut next month to better align with the Fed's inflation and employment targets. He also criticized the Fed's slow response as a major policy misstep that could worsen market reactions.
"I'm calling for a 75 basis point emergency cut in the Fed funds rate, with another 75 basis point cut indicated for next month at the September meeting - and that's minimum," says Jeremy Siegel
A 50 basis point rate decrease in September is likely, with 98.5% probability and some calling for a "emergency rate cut" before the meeting, but mid-meeting cuts are rare. This might revive the crypto market after its recent collapse.
Veteran trader Peter Brandt wrote on X on Monday that the Bitcoin sell-off was similar the 2015-2017 halving bull market cycle.
Brandt stated," Please note that $BTC decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle."
According to Brandt, Bitcoin fell 27% from $650 during the 2016 halving week close to $474 before rising to $20,000 in December 2017. The latest reduction to $49,050 is 26% below the post-halving price of $64,962.
Bitcoin's price may fall lower before it rises due to the US economic slowdown and Israel-Iran tensions.
The $BTC fall after halving now resembles the 2015-2017 Halving Bull market cycle pic.twitter.com/cIm3WKzBog
Arkham Intelligence data shows that BlackRock, MicroStrategy, Grayscale, and Fidelity held onto their Bitcoin holdings throughout Monday's market sell-off, indicating high confidence in the cryptocurrency's future.
Spent Output Age Bands CryptoQuant USD indicator shows how long-term and short-term holders affect price changes by tracking the value of spent outputs by creation time.
Most on-chain activity in Bitcoin occurred from coins less than a week old, with approximately $5.2 billion changing within an hour from coins up to one week old. The bulk of the $850 million in realized losses from this spending pattern came from short-term investors, with just $600,000 from long-term holders. The significant amount of coins held for less than three months implies new investors succumb because to the price reduction.
USD chart Bitcoin Spent Output Age Bands
After breaking below the ascending trendline (made by merging successive swing lows from July 5) on Friday, bitcoin price fell 11.6% over the following three days and hit daily support at $49,917 on Monday. It gains 3.5% to $55,892 on Tuesday.
BTC may witness a dead-cat bounce, a brief price gain during a downturn, and find resistance around the 61.8% Fibonacci retracement level of $62,066. This level is a crucial reversal zone since it matches the broken trendline and the 100-day EMA at $65,596.
Without a break over $62,066, prices might fall 19% to hit $49,917 daily support.
The daily chart's RSI is 32, slightly above oversold. This suggests a brief relief rally before the decline begins.
A closure above the August 2 high of $65,596 would modify the market structure by creating a higher daily high. Bitcoin's price might gain 6% to retest weekly resistance at $69,648.#BTCMarketPanic #BulRun #BinanceTurns7 $BTC