Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[alexrossi]

My opinion: huobi and in general chinese miners were well aware of the regulations change on mining (I suspect lobbying since at least 2018... after the 19k pump), and there is just an understandable will to buy cheap BTC by generating panic.

The chinese miners affected by this shutdown are already prepared to ship the equipment in new jurisdictions with minimal downtime (i estimate 2 weeks of shipping and setup time).

[ChartBuddy]

Explanation

[Gyrsur]

Buy the dip

Selling body parts. What next ?

i can live with only one testicle thanks for the tip, seems like testicle and bitcoin prices are in sync how convenient

Think again... you will never be able to be balls deep in again...!!!

be careful. with just one testicle that is not possible anymore. real Chads do it.

[hisslyness]

My opinion: huobi and in general chinese miners were well aware of the regulations change on mining (I suspect lobbying since at least 2018... after the 19k pump), and there is just an understandable will to buy cheap BTC by generating panic.

The chinese miners affected by this shutdown are already prepared to ship the equipment in new jurisdictions with minimal downtime (i estimate 2 weeks of shipping and setup time).

Is it really that easy to just setup a whole new mining farm? Location and Power would be a concern. I know the Chinese work fast, but 2 weeks?

BTW global hash rate seems to have fallen about roughly 4% from when the announcements/FUD was circulating... it's not like the CCP to wait to act on national security...

[hisslyness]

PlanB

In the chart you see at what price level each of the total 18.7M BTC was last moved.

So what happened in May? Weak hands sold ~1M BTC in May at $30k-35k .. which they bought in April at $55k-60k: a staggering ~$20B loss. The good news: these 1M #bitcoin are in strong hands now.

https://twitter.com/100trillionUSD/status/1396609082111504386

Is this what really is needed for Bitcoin?.. Wouldn't Bitcoin benefit from having more hands in the game, regardless of how weak they are.

BTW, I am one of those Strong Hands (not diamond hands - that's fucking elon and his WSB/Reddit gang) who has added to the stash on both dips...

[Gyrsur]

weekly candle closed above the 50% retracement level. fits perfectly. the future will tell if additional attacks on certain levels will follow.

[Xinarae*]

Elon is new to this but I don't understand how people can still react to that China FUD, that makes absolutely no sense.

Elon Musk idea is that everyone will now sell their deposited bitcoins and many rich people will buy them or newcomers will be terrified.  A lot of people say the Elon Musk thing is going to end very soon and so we're probably going to see what PlanB predicts soon.

Image link: https://twitter.com/100trillionUSD/status/1396759186172747789

[bitebits]

https://twitter.com/_jamiis/status/1396527995268050948

[Gyrsur]

... thing to remember about slimeball Musk is Tesla's accountants have booked their BTC as "intangible, indefinite-lived assets" which means they get to hold them on the books at the lowest marketed value ... e.g. like the new low printed shortly after Musk's manipulative tweeting


... scumbags do their best work in the fine print

I hope that Bitch Elon is learning something from these recent dips and got already his lesson…

after Q2 we will see if Elon told the truth or not in his Tweet. if TESLA will not sell any BTC in Q2 then they will be in trouble.

German Factory -> fail
China image and sales -> fail
Michael Burry is shorting TSLA big -> fail

Elon is just the rich clown on stage. behind the scenes intelligent hard working people (e.g. Zach Kirkhorn) do their best to clear the mess of Twitter Elon like it happened with Trump.

I guess they will sell again if the price will climb to get green numbers in Q2.

[lightfoot]

This is interesting.

So there has been some news regarding the "China bans Bitcoin" that has been doing the rounds and that contributed to the recent dumpfest.

Apparently, the CCP is actually serious this time so the Chinese based miners have all shat their pants and were major sellers during the dump. Not only that they are also now either aggressively moving their operations or selling their mining equipment on mass, at firesale prices as well. We are seeing another significant drop in hash rate right now so it might actually be true, next difficulty adjustment (29th May) is set to be about a 15% decline.

Hm. So this finally flushed the miners and all those "hoarded coins" being used to pump and dump the market? Good.

[LoyceV]

So what happened in May? Weak hands sold ~1M BTC in May at $30k-35k .. which they bought in April at $55k-60k: a staggering ~$20B loss. The good news: these 1M #bitcoin are in strong hands now.

So it's just another shake-out to convince people to sell their Bitcoin cheap, before the bull run continues. Makes sense

[ChartBuddy]

Explanation

[ivomm]

So what happened in May? Weak hands sold ~1M BTC in May at $30k-35k .. which they bought in April at $55k-60k: a staggering ~$20B loss. The good news: these 1M #bitcoin are in strong hands now.

So it's just another shake-out to convince people to sell their Bitcoin cheap, before the bull run continues. Makes sense

I'll have to wait for the weekly glassnode report, but it seems to me that neither miners, nor LT hodlers were involved in the last week's crash. I don't know from where PlanB is getting this info, but most probably it is true. There are no signs of changing the general mood to a bear market among the LT hodlers, unlike the 2018's crash from 20K to 6K in a month. The things may change quickly, however, so the next 2 weeks will be crucial for the determination whether we are still in a bull market. I really hope this is the case, because I don't want to wait 4 more years to get past 70K. Today's recovery 20%+ (oh, look, we are now above 37K) is a step in the right direction. If the price recovers to 50K+ in the next 2 weeks, as if nothing happened, that will be awesome. Then we can expect not only 70K but 100K to fall this year. And this is where the weak hands capitulation plays a big role. Instead of selling on a profit at some random resistance above 50K, making it very difficult to break, they've already sold their coins. So these potential resistance lines will be overcome faster and with less volume.

[shahzadafzal]

https://news.bitcoin.com/russian-lawmakers-move-to-allow-crypto-payments-under-contracts/

[vapourminer]

Good morning, WO OG! The recovery is underway and it seems pretty solid. The next 2 weeks will be critical. 

two WEEKS?? man i got things to do. think we can compress the drama down to like, two days instead?

[Gyrsur]

Good morning, WO OG! The recovery is underway and it seems pretty solid. The next 2 weeks will be critical. 

two WEEKS?? man i got things to do. think we can compress the drama down to like, two days instead?

I would rather say: the next two months are critical. 

[vapourminer]

Buy the dip

Selling body parts. What next ?

i can live with only one testicle thanks for the tip, seems like testicle and bitcoin prices are in sync how convenient

TIL 1 BTC = 1 testicle

wonder why exchanges dont have that pair yet.

[somac.]

This is interesting.

So there has been some news regarding the "China bans Bitcoin" that has been doing the rounds and that contributed to the recent dumpfest.

Apparently, the CCP is actually serious this time so the Chinese based miners have all shat their pants and were major sellers during the dump. Not only that they are also now either aggressively moving their operations or selling their mining equipment on mass, at firesale prices as well. We are seeing another significant drop in hash rate right now so it might actually be true, next difficulty adjustment (29th May) is set to be about a 15% decline.

Hm. So this finally flushed the miners and all those "hoarded coins" being used to pump and dump the market? Good.

Apparently so, Nic Carter seems to be pretty sure on this one, we’ll find out for sure ourselves over the coming weeks I guess.

So what happened in May? Weak hands sold ~1M BTC in May at $30k-35k .. which they bought in April at $55k-60k: a staggering ~$20B loss. The good news: these 1M #bitcoin are in strong hands now.

So it's just another shake-out to convince people to sell their Bitcoin cheap, before the bull run continues. Makes sense

I'll have to wait for the weekly glassnode report, but it seems to me that neither miners, nor LT hodlers were involved in the last week's crash.

Nic Carter disputes this with data from one of the on-chain mobs. Apparently the miners (Chinese miners) really sold out, see his recent video for the rundown it’s only 20 min and well worth it.

https://www.youtube.com/watch?v=C5CRAprJcXk&t=1s

[somac.]

[ChartBuddy]

Explanation