Market Outlook - 28/06/2021 (Bitcoin Situation Part2)

 Introduction 

This blog post is going to focus on the current situation on Bitcoin and answer the following question IS THE BITCOIN BULL RUN FINISHED? First we are going to focus on the in chain data, then the charts  then the fundamentals and then I am going to give you me conclusion. But the first question to you is, do you think the market is heavily manipulated?

The On Chain Data  

First lets look the Mempool movement (2 weeks):

Note: I think the difference is obvious to naked eye.

First lets look the Bitcoin: Number of Addresses with Balance ≥ 10k compared to price (2 weeks):

Note: I think the difference is obvious to naked eye, again what is happening here. Did you open your long position at the 28 to 30k??

Now lets look the Price of BTC in USD vs. Bitcoin Mean Hash Rate (2 weeks):

Note: I think the hash rate did not affect the price of BTC (meaning the Chinese miner shutdown).

Now lets look the Net Unrealized Profit/Loss NUPL vs. Bitcoin Price in USD for one month:

Note: Looks that all weak hands are shaken out.

Now lets look the Net Unrealized Profit/Loss NUPL vs. Bitcoin Price in USD for one month from Tradingview:

Note: Looks how closely the NUPL follows the price. And here we can see some promising signs of reversal. The RSI and MACD is configured for the NUPL.

The Off Chain Data  

Below we can see the daily chart and see how beautiful the Wyckoff was setup:

Note: Interesting setup.
 

Below we can see the weekly chart  and see how global bottoms are related to volume:

Note: Also the volume in each bottom is increasing.

Conclusion

My take on the current situation is that BTC hit bottom. As the time is passing by it is becoming more and more difficult to manipulate BTC and there fore that is why they are using Doge and Shiba coins to get their FIX. I think this is the begging of the new bull run.