He’s basically saying, “Disagree with me on one thing? Great! Disagree with me on everything else? Still great! Just don’t expect me to host a family therapy session.”
Crypto market sentiment has dropped to rare lows, and Matrixport says this shift may mark a turning point for Bitcoin. Imagine a toddler having a tantrum-except this time, the tantrum is in the form of a 40% price drop and a collective sigh of despair from investors.
The company announced on social media that it’s shutting down due to declining user numbers and ongoing financial losses that made it impossible to continue operating.
Michael Selig, the Commodity Futures Trading Commission’s intrepid leader, recently declared that the crypto market structure bill-long debated with all the urgency of a sloth in molasses-is now “on the cusp” of becoming law. One imagines him staring into the horizon, hand shielding his eyes, whispering, “Is that a bill I see before me, or merely a phantom born of wishful thinking?”
Our dear Pepe (PEPE) finds itself in a delightful early stage of structural recovery after a spectacularly sharp deviation beneath a major high-timeframe support level. What seemed like a disastrous breakdown has turned out to be naught but a fleeting moment, as the price reclaims its lost glory with the confidence of a well-timed bullish engulfing candle.
As part of my research, I’ve been monitoring market sentiment using Coinglass OI-weighted funding rates. Currently, the rate is at -0.0048% as of Tuesday, and it actually turned negative on Monday. While it might seem like a small number, this indicates that short sellers are currently dominating – meaning more traders are positioned to profit from a price decrease than from an increase.
The Bitcoin Fear and Greed Index, that fickle beast, has plummeted to a measly 5-lower than a worm’s belly after a rainstorm. Even the FTX fiasco and the Terra tumble didn’t send it this far into the dumps. Meanwhile, BlackRock’s IBIT ETF is guzzling up Bitcoin like a glutton at a buffet, while retail traders are selling their digital treasures for a song. Oh, the folly of the masses!
Behold the daily chart, a veritable tapestry woven with the threads of stabilization, albeit within a descending structure that resembles a sad clown at a carnival. The price remains stubbornly below its previous zenith of $97,900, dancing between $68,000 and $70,000 like a timid performer afraid of the spotlight. Major support, like an old friend with questionable advice, lurks between $60,000 and $62,000, while the intricate web of resistance lies above, between $72,000 and $75,000. Fear not! For only a valiant daily close above $75,000 will send our bearish woes packing. Until that glorious day arrives, we remain in cautious territory – digesting our options rather than igniting any wild celebrations.
Now, don’t get your hopes up too high, because the monthly and quarterly performance is still about as cheerful as a tax audit. But, bless its little heart, recent price antics hint at a bullish temper tantrum. Could Hedera be gearing up for a breakout? Charts, momentum doodads, and investor shenanigans suggest that the pullback from February 14 to 15 might just be the warm-up act for a grand ol’ breakout spectacle.
