Bitcoin is drifting into unseen charting territory after a massive 10 day rally. Record low exchange supply is leading to a supply shock unseen at these price levels as @wclemetelll points out.
Illiquid Supply Ratio has taken yet another leg up.
Bitcoin "supply shock" is now at levels that previously priced Bitcoin at $53K.
Consolidation after 10 straight green days is very reasonable but still remain bullish over the coming weeks. pic.twitter.com/mwVHj4DmKA
— Will Clemente (@WClementeIII) July 31, 2021
Historically after 10 green days Bitcoin has averaged over 70% returns.
$BTC "closed" green for the 10th day in a row for the 1st time since 12/24/20-1/1/21 & just the 5th time since 2013.
Given the reflexivity in the asset, no surprise that forward returns in those prior instances was decidedly (+) over the next 3-60D pic.twitter.com/USNgYGh0o7
— John Street Capital (@JohnStCapital) July 31, 2021
Even with the momentum and bulling indicators we’re still bumping up against the ATH downtrend line.
$BTC
Okay this makes more sense now, flirting with the downtrend line from ATH's. Someone mentioned it. Thank you https://t.co/2z78QhvuoB pic.twitter.com/Z9r8EwAWGP— Pentoshi Wont DM You (@Pentosh1) July 31, 2021
Its likely we see chop for the first week or two of August before resuming the rally. Stock to flow points to fireworks over the new few months.
#bitcoin July closing price $41,490 … it bounced from the lows, like clockwork pic.twitter.com/xZIlbaBBqI
— PlanB (@100trillionUSD) August 1, 2021
https://twitter.com/100trillionUSD/status/1421725631365238785/photo/1
