Is Bitcoin Priming Its Thrusters?

Hello guys, off late, I have gotten a great interest for cryptocurrencies and news about them. I am just trying to share a few with you.

Is Bitcoin Priming Its Thrusters?

Volatility usually has a negative association for Bitcoin investors. Why? Because when Bitcoin is volatile, it means prices can go up — or down, and people fear down more than they believe in up.

However, to make money, you need some Bitcoin volatility. Otherwise, BTC is just like any other stablecoin hovering around a pegged value. These days, volatility has all but disappeared from Bitcoin markets while altcoins take off day after day.

Watching LINK take out the $8 mark really drives home the point that Bitcoin is currently about as exciting as watching an ice cube melt. However, there are numerous signs and indicators that Bitcoin is coiling up for a decisive move.

The Experts Agree... John Bollinger, Peter Brandt, and Skew's indicators are all signaling for incoming BTC upside. If you've been on Twitter lately, then you'll notice that the Crypto Twitter consensus is also bullish.

However, knowing Bitcoin's tendency to do what is least expected means you should keep your gloves up and not get too comfortable. Currently, open interest (amount of money sitting in Bitcoin derivatives) is at a record high across cryptocurrency exchanges.

The inflow of positions being made indicates that regardless of direction, traders are betting on a move — and soon. The holding pattern in BTC price is likely owing to the digital asset's strong correlation with the S&P 500. Both have moved in lockstep after the pandemic-induced crash back in March.

With expectations that the overzealous S&P 500 is due for a reckoning, its correlation with BTC doesn't bode well for the latter. The holding pattern in BTC price is likely owing to the digital asset's strong correlation with the S&P 500. Both have moved in lockstep after the pandemic-induced crash back in March.

With expectations that the overzealous S&P 500 is due for a reckoning, its correlation with BTC doesn't bode well for the latter. Spurring the positive scenario onward are increasingly strong fundamentals such as record-high hash rates, on-exchange BTC wallet balance depletion (indicating hodling), and a burgeoning decentralized finance industry of which BTC is a key component.

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