From a levels perspective, we remain in the moderate bull market range. We haven't breached the top level/peak mania range yet, and this cycle seems reluctant to do so, but that doesn't mean it isn't coming.
It would be unusual for a bull cycle to end with a bearish ranging only a couple thousand away from the earlier cycle ATH.
On-chain data indicates miners have been HODL since March, long term investors are largely HODL, accumulation continues to drive a drop in supply on exchanges for both Bitcoin and Ethereum.. overall no red flags indicative of a massive market selloff coming. To me this suggests generally bullish sentiment prevailing, even if short term we have a correction at play.
That doesn't mean a **larger** correction isn't coming, as open interest and leverage ratios in the market were extremely high and remain elevated, and the recent price action hasn't completely shaken them out.. in my opinion, we could see price swing as low as $52-53k, but as long as we close in a range above there, bulls remain in control for the midrange/longer term picture.
It would be unusual for a bull cycle to end with a bearish ranging only a couple thousand away from the earlier cycle ATH.
On-chain data indicates miners have been HODL since March, long term investors are largely HODL, accumulation continues to drive a drop in supply on exchanges for both Bitcoin and Ethereum.. overall no red flags indicative of a massive market selloff coming. To me this suggests generally bullish sentiment prevailing, even if short term we have a correction at play.
That doesn't mean a **larger** correction isn't coming, as open interest and leverage ratios in the market were extremely high and remain elevated, and the recent price action hasn't completely shaken them out.. in my opinion, we could see price swing as low as $52-53k, but as long as we close in a range above there, bulls remain in control for the midrange/longer term picture.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.