I've been watching the combined order book very closely and every time the price approaches 21k area or dips below that, the supply/demand chart becomes very unbalanced with demand outweighing supply by a large margin. More buy trades come in (a lot more) and the price level holds.
This has happened at least 4-5 times this past week, I believe some large institutions are slowly accumulating Bitcoin at these levels, and will probably continue to do so if price dips more. The S&P doesn't look very attractive at its current level and a long term play on BTC certainly has more upside potential, worthy of allocating a portion of their capital into.
Submitted August 24, 2022 at 11:20PM by Welen https://ift.tt/MWm2ERw https://ift.tt/JvLXqsE
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