BTC Long (short-term) (25/11/2024)
2024-11-26

Trump's policies, including appointing a secretary supportive of crypto, have played a role in the market. Mining costs are still not too high, sitting at $1.36. Once they hit $2, miners often start selling their BTC. At the moment, BTC prices are at a pivotal point - not an all-time high (ATH), but significant nonetheless. Miner exchange inflow has also decreased slightly.


I personally think BTC hasn't reached its ATH yet because we need more new investors in the market. This allows institutional players and long-time BTC holders to sell to these newcomers -it's just how the market works. It may sound harsh, but trading is separate from personal emotions. Trading is trading.


Google Trends hasn't shown a major spike in Bitcoin interest yet, but I expect it to grow with time. The "Bitcoin bubble" isn't here yet either. Many crypto coins are overbought or in a strong overbought zone right now.


We're seeing more BTC outflow from wallets and more inflow of USDT, which is a bullish signal. Long squeezes have already occurred, like the one at $94,500, and more are happening around $90,915 and $93,006. Over the last 24 hours, most squeezes have targeted long positions.


BTC futures open interest has slightly increased, which is a positive sign. However, CME open interest has dropped, showing that institutional players aren’t very active right now. On the other hand, ETF volume and assets under management (AUM) are at an ATH of $108 billion, which is a positive development.


I’m waiting for a correction in BTC before I start buying altcoins. Typically, altcoin dominance increases during bull runs after BTC corrects. Right now, short-term momentum and money inflows are positive. While we’re seeing extreme greed in the market-which is usually a negative sign - I see it as a positive due to the fear of missing out (FOMO).