As always, keep an eye on that 12h 20 (around $52-53k) too, I expect that to get retested at some point, and if we see a near term correction or , watch how Bitcoin responds to it; losing the 12h 20 often leads to more sizeable corrections, often double-digits below the .
Everything else is labeled in the price bar to the right, so I won’t list it here. Obviously are super important level to break is the ATH around $64.8k.
As far as on-chain data:
- Bearish: the sheer amount of traders in-profit right now is .. well almost everyone. 99% have unrealized profits from what I read earlier. That is almost a recipe for a selloff, but we see investors are more stubborn this time around, and waiting for a new high it seems. However if we were to see whales or some new institutional players try to trigger a selloff or a squeeze, we might see more of the market capitulate quicker than usual to lock in profits here.. which of course fuels larger drops.
- Neutral: netflow and exchange reserves so that selling is largely being picked up and we see a generally neutral netflow over the past week.
- Bullish: miners appear to still be largely hodling, and as smart money that suggests to me that they expect notably more upside because they usually take profit early.