BITCOIN IS TRAPPING YOU!!!!

Crypto Rover

2 Mar 202408:25

Summary

TLDRThe Bitcoin price is compressing with decreasing volume, signaling a big impending move. OTC Bitcoin supply is dwindling, forcing buyers to purchase on exchanges, causing pumps. The new Bitcoin Spot ETF saw massive inflows last week and could drive further squeezes. Historically Bitcoin sees 20% corrections, not 30-35%, in bull markets. If Bitcoin breaks the 0.786 level on the weekly, new all-time highs typically come in 3-4 weeks per previous bull runs. The key resistance level for Ethereum is approaching - if broken, new highs are expected.

Takeaways

😀 Bitcoin is in a massive compression phase and a big move is imminent
👍🏻 OTC desks are running out of Bitcoin which is very bullish
🚀 The Bitcoin ETF spot is causing large pumps in price
📈 Genesis unloading $1.1 billion Bitcoin to pay customers due to bankruptcy
💰 Over $7.3 billion worth of Bitcoin bought since ETF launch
🤑 Almost no Bitcoin available OTC, so firms buying from spot market causing pumps
⏳ Bitcoin ETFs expected to cause more squeezes as trading resumes
📊 ETF growth can take years, but Bitcoin ETF seeing fast growth signals
💸 Funding rates remain high indicating bull run and good long entries
🔜 Targeting $176,000 eventual peak, will scale out around there

Q & A

What pattern is Bitcoin currently forming?
-Bitcoin is currently forming a downward sloping resistance line and an upward sloping support line, creating a price compression pattern.
Why is the dropping Bitcoin volume significant?
-The dropping volume along with the price compression pattern indicates that a large price move for Bitcoin is imminent.
Where does the analysis expect the next Bitcoin move to head towards?
-The analysis expects the next Bitcoin move to likely be a breakout to the upside, based on bullish factors like OTC desks running out of supply and the spot Bitcoin ETF causing increased institutional demand.
What level is the semi futures gap sitting at currently?
-The semi futures gap is currently sitting around $62,400.
Why is Genesis currently unloading Bitcoin?
-Genesis went into bankruptcy recently, so they need to sell some of their Bitcoin holdings to pay their customers back.
How much Bitcoin buying occurred after the spot ETF launch?
-Over $7.3 billion worth of Bitcoin was bought after the spot ETF launch.
What happens when OTC desks run out of Bitcoin?
-When OTC desks run out, entities like BlackRock have to buy Bitcoin directly from the market, causing pumps in the price.
What is the potential new standard for Bitcoin corrections?
-The analysis speculates 20% corrections may be the new standard instead of 30-35% corrections seen historically.
When is the next Bitcoin halving expected?
-The next Bitcoin halving is expected in approximately 52 days from the date of analysis.
What is the ultimate bull market target cited for Bitcoin?
-The analysis cites an ultimate bull market target around $176,000 per Bitcoin.