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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

January 7, 2021

The total market cap of all digital assets crossed the $1T mark today. Bitcoin printed a new all-time high and the fundamentals supporting this rally gained in strength once more. Open interest of Futures contracts hit the $11B level - a new all-time high.

The total number of active addresses also hit an all-time high.

The hash rate hit a new all-time high.

The number of wallets containing 1,000 BTC or more hit a new all-time high as well.

In an attempt to find a data point that wasn't recording a new all-time high, I managed to find the below chart.

As you can see from red areas on the chart above, net liquidity has been largely negative since the beginning of May 2020. Firstly, we had the exodus of Bitcoin balances from exchanges, and in Q4 2020, we had an increase in institutional demand. The net effect: only 22% of the outstanding Bitcoin supply remains liquid.

The rest? In the hands of hodlers, or lost forever.

Let us recap the above information.

The Bitcoin network is the strongest it's ever been (hash rate). The total participants is the highest it's ever been (active addresses). Institutional interest is the highest it's ever been (futures open interest). The number of wallets with 1,000 or more Bitcoin is the highest it's even been (Whales).

Oh, and lastly, there is not really that much Bitcoin available.

If only I could piece together this puzzle...


Technical Analysis

Bitcoin has once again pushed on to record a new all-time high, with $38,500 the new stop spot. The move up through $36,000 and $37,000 was swift, leaving little opportunity for dip buying. Now that we have cleared the $38,000 handle, it's likely $39,000 and $40,000 will follow in short order.

Should we lose momentum, then Bitcoin will head back towards $35,868, and with a cluster of support, it's likely any drop will struggle to move below $33,860...

The Market in Numbers



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