Interesting Friday 1/26 Behavior, let's see happens 1/29

[spectre71]

Price rising for the weekend. Small dip at 5pm EST, Friday sell off for the after hours. It's going to interesting to see if the price swings will start mimicking those of the markets. Will the price go down when the markets open? When the big boys show up at work will they start selling again to move money into ETFs?

Friday afternoon showed a nice inflow ishares/bitwise samples I looked at. But ishares is a not even 2 billion yet vs 800 billion btc. Markets/ETF's (USA) are business hours and BTC is 24/7/365 worldwide.

I dunno. wadda you think?

[adaseb]

From what I read the outflows from GBTC were like $250M but so were the inflows, so it was a flat day. What was interesting was the volume was much higher for iBit compared to GBTC relative to the past, so maybe that’s why it was a bullish day.

We had a good weekly close and we might make an attempt at the yearly high this week or next. Hopefully we went up closing over $50K and GBTC is finally done selling.

[EarnOnVictor]

Price rising for the weekend. Small dip at 5pm EST, Friday sell off for the after hours. It's going to interesting to see if the price swings will start mimicking those of the markets. Will the price go down when the markets open? When the big boys show up at work will they start selling again to move money into ETFs?

Friday afternoon showed a nice inflow ishares/bitwise samples I looked at. But ishares is a not even 2 billion yet vs 800 billion btc. Markets/ETF's (USA) are business hours and BTC is 24/7/365 worldwide.

I dunno. wadda you think?

I think we should forget anything ETF now so that it will not continue to cloud our judgements. Bitcoin itself has been able to hold a sizable amount by itself without ETF, what makes you think it will not continue to do so? The ETF of a thing is a lousy discussion, I think it is time we focus on those things that are more important which are the market data (ETF or not) and chart reading.

According to my chart reading, I see a different guidance, what happened was that the market was still playing around the reference point of $40,243 which I mentioned several times in the past few days. The market broke the level lower but it wasn't able to sustain it again with bullish price action converging on the daily chart. For this, the market tried to breach it upward on the first day of the attempt which was on Wednesday but it failed, the same thing happened on Thursday but it failed again. Despite that, the two days preserved a bullish stance by maintaining a bullish price action which gave the third day which was on Friday the higher power to finally breach the level. And as we know, a successful breakout could cause the market to move significantly upwards as we saw, which was what happened on Friday, nothing more.

Also, this huge bullish movement did not happen until the peak of the first attempt at $40,521 which happened on Wednesday was breached. By principle, I believe the market needed to rise due to the lack of patience of people on the selling bias and the oversold nature of some other indicators on the daily chart.

[spectre71]

I wish I had the time to learn glassnode.

[adaseb]

Todays the flows from GBTC were only like $190M or so and fidelity already matched that it inflows, so it will be a positive day today for sure with the flows. And you can see that looking at the price. We almost hit $44K after the markets closed. And we were at $39K a few days ago.

So with the outflows slowing it’s looking good for bitcoin and hopefully we retest the yearly highs. The stock market is also doing good with the sp500 hitting new highs almost everyday, seems everyone is bullish on the upcoming fed rate cuts due to the pivot.

[cryptomaniac_xxx]

I wish I had the time to learn glassnode.

Looking back, we will have to learn things here, even season and veteran investors really don't know what really happen. Although if I'm not mistaken, there are bitcoin future expirations dates around that time and that could really affect the price movement, for the better or worse.

But now we are done with the first week of February, everything looks good so far. Prices have gone up to $43k and who knows, maybe we are going to see $45k at the end of the month as this month still looks bullish.