Bitcoin's overall trend, revealed by trends of price, leverage, and time, are defined and discussed in The Matrix for subscribers.
The focus for the bulls has been energy during the consolidation. A rising DI defines accumulation, while falling is distribution. If you watch the previous Bitcoin Review, I also revealed the importance of reversals. Reversal zones, supply/demand “gaps” within all the timeframes, can become as important as energy at least over the short-term when they fail.
Does this matter? Yes. Price tends to move between reversal zones rather quickly. The space between reversals is called an air pocket. Price tends to accelerate (up or down) within air pockets unless a statistically significant energy build exists to opposite direction.
$GBTC tracker was holding onto an important reversal last week, but it appears to be failing. We must frame this observation against energy.
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