Bitcoin is literally on fire right now. After smashing through the $80,000 level, the whole crypto space is buzzing with excitement. The biggest news right now is Michael Saylor and MicroStrategy just bought another 535 BTC worth $43 million! They now hold a total of 818,869 BTC, which is insane and shows how much the big players trust this run. Between this massive accumulation and the huge anticipation around the upcoming US Senate meetings, the energy in the market is just different this time. It is not just about the price pump, it is about how the entire financial world is finally paying attention to Bitcoin as a serious asset.
First off let’s talk about funding rates. Unlike the crazy bull runs we had before where everything felt like a bubble, the funding rates right now are actually pretty chill. This is a huge sign because it means the market isn’t being pumped by people using too much leverage. It looks like real spot buying like what MicroStrategy is doing is what’s pushing the price up which makes this trend more sustainable and way less risky for a sudden crash.
We just saw a massive liquidation event where over $83 million in short positions got wiped out in just a day. That definitely gave BTC some extra fuel to go higher as the bears got squeezed out. Also Bitcoin dominance is sitting at 60.2% which is huge. It basically tells us that everyone is piling into BTC right now instead of risky altcoins. Even the Altcoin Season Index is still neutral at 51 so Bitcoin is definitely still the king for now and the real money is staying with the leader.
Looking at the bigger picture everyone is talking about Kevin Warsh potentially taking over the Fed. Since he is known to be more crypto friendly than Jerome Powell the market is getting excited about a potential push to $90k or even higher. On Twitter some retail traders are starting to take profits which is normal but the overall vibe is still greed at 59. This means people are still super bullish on the macro trend and are waiting for the next big move.
My April Prediction I Called This Move
If you’ve been following my posts on InLeo since April 20th, you’d know I’ve been calling this move for a while. Looking back at my chart analysis from last month, I identified the FVG (Fair Value Gap) and predicted this exact recovery. If you don't believe me, go ahead and scroll back through my previous InLeo posts the receipts are all there. this isn’t a lucky guess or a fake edit it’s about reading the market structure correctly. We saw the bounce exactly where it was supposed to happen, and now we are reaping the rewards of that patience.
Conclusion
The data from Coinglass shows we are in a healthy phase of institutional accumulation. With Michael Saylor still buying and the Fed leadership potentially shifting soon, the path to $90k and beyond is looking very clear. Even if retail takes some profit the market structure looks solid.
Sources
Pluang
TradingKey
Milkroad
Posted Using INLEO