OnChain College
Bitcoin up 8% in 3 Hours- Some Thoughts
Bitcoin spiked up over 5% in 1 hour and is currently at $40.5k at the time of writing. That is up $3,200 (8.5%) on the day. We saw a pretty heavy spike in short liquidations, almost $60 million within a 2 hour period. The $31M+ we saw within one hour was the third largest hourly spike in the last two months. Funding rate has been negative for a couple of weeks. Bearish sentiment was easily seen throughout social platforms. From a macro perspective, it's encouraging to see miner reserves increase. Miner reserves dropped drastically during the price discovery phase of early '21, but they've been accumulating on this prolonged drop. Exchange reserve levels continue to decrease from a macro view. Overall, no way to know how this plays out but on-chain supply dynamics have been strong so let's see if we get continued, consistent demand...