A thought occurred that there are a few possibilities of the lackluster btc performance lately;
1. Some OGs were actually fiat-idolators at heart (fiat-hearted) and they skipped the party when the going was good...good riddance in this case.
2. Some OGs are traders who traded btc for who knows what...same conclusion.
3. Some powerful parties are suppressing btc price until much more well capitalized bitcoin treasury companies would come online in the next 2-2.5 months.
I hope for number 3, but would be saddened if it is mostly #1..don't care much about #2.
To me, VB coin is essentially fiat right now, by almost all characteristics...well, it doesn't take one-three days to settle, lol.
"We shall persevere because we must". C.A.A. Savastano (it could be a secondary citation of someone beforehand)
My take: OG's and more recently (i mean no less than two cycles) joining buyers who were doubting that BTC would get much higher this year/cycle, who decided to sell a part of their holdings since BTC was showing some weakness lately. Everybody was waiting for bullish events (not only promising news), but since
Orange-Utan (c) made clear he would not instruct the government to buy Bitcoin to build a reserve, but just instruct to not sell actually seized and to-be-seized corn, or Powell not starting up the Brrrr (and so on) some of those holders were trying to better be safe than sorry, especially with that 2021 double-top in their mind.
So it might only be a matter of time (and events) until enough corn was sold to get them sellers relaxed enough again, because the demand is still there.
Otherwise we would have already broken lower support levels to date.
#SOMA
It seems like Jerome Powell's Speech gave BTC a momentum for a short timeframe and everyone is exiting their position by selling of. Well I'm still confident enough that we will se the $100k level. There's a CME gap around $116k - $117k level.
So the question is which one we will see first? Filling the CME gap or touching the $107k support level. What's your opinion on this JayJuanGee
I am not much for short time frames or even small price ranges, so in that sense, I am not sure if your question is interesting enough, since it is difficult to really know $107k versus $117k, yet if we try to figure out the whole broader range, maybe our question might be whether $101k or $125k gets touched first. People are somewhat negative about August and September, yet last year I think that both of them were up months.
August was mostly an up-month in cycle-top years, other than in non-cycle-top years, so overall it was a negative month, just because of maths (3:1 bias).
Just saying.
Another thing is that we are in a bull market until we are not, so I have to say that the odds for up must be higher than for down - otherwise we would not be in a bull market.. but yeah we have moved quite a bit in the last couple of months, yet still frustrating BTC Holders with seemingly not enough UP... and still being stuck in the $110ks for two months...
These holders are probably those who are selling because of FOMO (in terms of fiat gains).
EDIT: Yet, if true, they would be actively impeding BTC to reach new ATH's - Quite regressive.
Overused?
Now i think i don't get it!
Maybe so, but repetition is part of culture. The more the WO sign shows up, the more it cements itself as tradition.
That sounds like something else than Overusage. To me, at least.
And it's not shown here
that often, in my opinion.
