As of today, BTC is up over 7% in 2021. Bullish! Right?
With the price of major cryptos BTC and ETH well off of their all time highs and still showing signs of short term weakness, technical analysts are back in the crypto-twitter spotlight.
Bitcoin is below $34K, triggered by Elon Musk's energy FUD and China's mining crack down.— PlanB (@100trillionUSD) June 20, 2021
There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K pic.twitter.com/hDONOVgxH1
In case you hadn’t heard, news of the ominous-sounding “Death Cross’ indicator has been circulating once more. As always, it’s advisable to do your own research, just be sure to keep an eye out for the clickbait nonsense.
The Death Cross takes place when the 50 day moving average crosses below the 200 day moving average.— Alex Krüger (@krugermacro) June 15, 2021
Journalists love writing about how a death cross could bring forth a bear market.
However, one week historical returns following a bitcoin death cross are POSITIVE. Relax. pic.twitter.com/nTUPh8Ai9C
I prefer to go directly to a trusted, knowledgeable source whenever possible. So where can we learn just how bullish or bearish things actually are for BTC? Want to know who is buying, who is selling, how much is being paid, and how much is being held? We should probably take a good look at some of the on-chain data available.
There are plenty of people out there tweeting doom and gloom after being tested by the bears for the first time in a long time, or perhaps for the first time ever! The more experienced analysts and traders seem to be having a good time with it all :)
So yeah, it's definitely a bear market folks.— Willy Woo (@woonomic) June 20, 2021
We should all panic sell because traders tell us there's two moving averages that just crossed and they carry the name "death" in it. Sounds so scary. 😱
Bitcoin is still the market cap leader but definitely not the only big game in town any longer! Ethereum has held on to its 2021 dollar gains much better than Bitcoin, so far... Big ETH development updates are expected within the next month and any delays could lead to the additional short-term downside.
Had EIP-1559 already been live, ~3M ETH would have been burnt from the supply in the past year. 👀 pic.twitter.com/zUej5KxWRP— Documenting Ethereum 🦇🔊 (@DocumentEther) June 18, 2021
ETH price is currently still up over 168% in 2021
No matter if ETH should currently be considered bullish or bearish, right now there is much more important long-term and forward-thinking progress being made to focus on. The continued offloading of layer one transactions to side-chains and layer 2 solutions has brought some of the best ETH gas prices in recent memory. I must say, it has been nice having the opportunity throughout the day to transact at a very low gas rate.
Whoa, is this correct?!
However, during times of high demand (like that awesome new Curated Art Blocks Drop), there are still unpredictable and sometimes difficult to manage gas spikes. Also worth pointing out, throughout all the latest BTC and ETH price FUD, regardless of the ongoing layer one / layer 2 scaling matters, the NFT community space has been as engaged as ever despite recent corrections in price. Actually, some newer NFT projects seem to have only been correcting upwards recently!
Must be bull market.— dinfo (@ForNft) June 20, 2021
Bear market be like "I think I need to apply for a job."
"Can anyone look at my resume?"
It’s not just the new, ambitious, and excited project speculators having all the fun either. Even NFT communities of projects not currently experiencing hyper-active price action are still too busy trading, curating, collecting, collaborating, creating, or just having a great time with their friends to be bothered. Almost as though something much more important than the short-term price action is going on…
I REALLY DON'T SEE MUCH OF THIS SPOKEN OF, BUT I THINK ONE OF THE MOST BEAUTIFUL THINGS ABOUT THE NFT SPACE IS THE CONSTANT WORK DURING BULL/BEAR RUNS REGARDLESS OF THE PRICE FLUCTUATIONS. THAT'S A REAL ECONOMY AT WORK TO AN ULTIMATE GOAL OF SUCCESS.— ROBNESS_V2 (WHITEPAPER NOT INCLUDED)🇺🇸 (@robnessofficial) June 18, 2021
MOST TRADERS DON'T BUILD.