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📅 July 3, 7:00 – July 9,
Been seeing the news about the guy that moved 10,000 BTC today… and a lot of panic flying around CT.
Now let’s be clear, the buyers behind the market’s upside move over the past 3 weeks are off today (USA independence).
That means less volume from them (which you can verify from the charts).
Now let’s ask ourselves some real questions:
Apart from seeing the wallet reactivated, do we have verified data that he sold?
There are many reasons someone could move BTC internal transfers, OTC deals, collateral setup, it’s not always to sell.
And even if he decides to sell… can the market take it?
10,000 BTC ≈ $1B.
Today’s total BTC trading volume? $43B.
So yes, the market can absorb that.
More importantly today’s dump isn’t backed by volume.
And remember"if price is lying, volume will snitch".
If we close back above the channel by EOD, the pump likely continues.
But if we get rejected again and volume kicks in, that’s when the real dump begins to the region of the lower part of the channel (check my weekly analysis for the channel).
This tweet is just a reminder:
What are your thoughts?