A staggering 85% of the time since 2012, one key ratio has been a crystal clear greenlight for Bitcoin bulls - but in a brutal reversal, it's now a red flag that threatens to derail the current rally.
This ratio, a closely watched comparison between Bitcoin's price and the US dollar, has spent the last 14 years almost exclusively trending upward. Until now. As of this week, it has decisively broken trendlines and flipped decisively to its first-ever downside bias - a move that should send shivers down the spines of even the most seasoned traders. So what is smart money doing in the face of this new trend?
According to Binance order book analysis, #bitcoin whales are quietly increasing their long positions amidst the chaos #btcpriceaction. If the downtrend holds, look for key support around the $32,000 level. Will bulls find footing before the next major sell-off?
This ratio, a closely watched comparison between Bitcoin's price and the US dollar, has spent the last 14 years almost exclusively trending upward. Until now. As of this week, it has decisively broken trendlines and flipped decisively to its first-ever downside bias - a move that should send shivers down the spines of even the most seasoned traders. So what is smart money doing in the face of this new trend?
According to Binance order book analysis, #bitcoin whales are quietly increasing their long positions amidst the chaos #btcpriceaction. If the downtrend holds, look for key support around the $32,000 level. Will bulls find footing before the next major sell-off?