💥💥 Crypto Regulation in the UAE, Crypto Dreams in Dubai
Last weekend, the conflict between Iran and Israel affected the price of Bitcoin, causing it to fall below $60,000, and people began to worry about whether this would lead to the West being involved in a Middle East war - something that seems all too common in the 21st century, war will increase inflation and disrupt global supply chains and commodity markets. While some people ridiculed the phenomenon of Bitcoin being sold off almost instantly after the news of the conflict broke, it is interesting that Bitcoin was one of the only global assets open for trading over the weekend, and stock, commodity and bond strategists were watching Bitcoin to try to assess the damage that could be caused to global markets on Sunday.
Today we will not talk about geopolitics, but focus on on-chain behavior and Bitcoin derivatives markets. We will analyze whether the current decline from the high of $73,000 is a typical bull market correction or a cyclical peak.
Bitcoin has set a new high before the halving, which breaks many previous ideas about Bitcoin cycles. Therefore, we need to focus on the current situation and how investor behavior will affect future trends.
First, let’s look at the “Value Daily Destruction Multiple Indicator”. This indicator measures the heat of the market by dividing the short-term selling behavior of the market by the long-term selling behavior of the market. The higher the indicator value, the more active the market is; conversely, the lower the indicator value, the colder the market is. According to this indicator, the bull market is well underway and may even have peaked.
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