Bitcoin supply in profit is currently at one of its lowest levels.
The last time around 9 million BTC were in profit, Bitcoin was trading near $20K. From there, BTC eventually rallied to $70K.
Not saying the same thing will happen immediately, but it’s interesting to look at what happened the last time Bitcoin’s supply was at a similar level of loss.
$ETH Now caught between the $1750 and $2100 levels.
Both have acted as strong support & resistance levels over the past 2 years.
ETH seems kind of in the middle of nowhere here. The big trend is obviously still down. Now the question is whether it can push higher and attempt a break at that $2100 high timeframe level, or if this is just another lower high in the down trend.
Breaking back above $1750 was the first sign of strength I wanted to see. $2100 would be the next.
The altcoin market is going through a massive reset. Right now, around 40% of altcoins are sitting near their all-time lows.
Sounds terrible. But this is where things get interesting.
▫️Weak projects are getting exposed ▫️Hype alone is no longer enough ▫️Investors are becoming more selective ▫️Strong projects are trading at much lower valuations ▫️Teams that keep building now deserve attention
One important reminder: Cheap doesn't automatically mean undervalued. A lot of these coins may never recover.
The opportunity is finding the small percentage that are still building, still growing, and still relevant despite the market weakness. That's my focus right now.
$LINK Back at its all time highest volume node and now sitting at that high timeframe support.
This has been relatively strong recently but I want to see a move above $8.9 to break the local high and get a move going. LINK tends to be strong when the market finds some high timeframe (local) bottom so it is a good one to watch.
It also got a mention from Standard Chartered yesterday about its potential by 2030 in the case of rapid tokenization growth. $AAVE & $UNI got similar reports and proceeded to show relative strength afterwards.