IT Tech
Bitcoin - who's making the pump?
Yesterday Bitcoin after long consolidation made a pretty big pump. I can see moon narrative on Twitter on timeline like: bear market is over, to the moon, the bottom is in, etc. Remember we are still in Bear marker and this phase can occur months or years. Let's check who's making the pump. The stock exchange reserves will help us in this check. As you can see on the charts during this pump reserves on Binance exchange decreased but on Coinbase increased. It could mean retail investors (which are usually using Binance) make this pump. On the other hand institutional are using Coinbase exchange and it could mean they found some liquidity to sell it. For me it could mean that is some kind of fake pump before FOMC meetings 2.11.2022. DXY is going down and helped S&P500 and Bitcoin grown up. Be careful because we are still in Bear market and one small pump not changed this.