Time to Believe
ByteFolio Issue 233
Bitcoin鈥檚 ByteTrend Score drops to a 1 on the daily chart. Global stockmarkets, especially AI-related themes, have been in turmoil this week, and Bitcoin can鈥檛 seem to shrug it off. Great things are happening in the space with tokenisation booming, but there are also a growing number of hacks.
Bitcoin Daily
The bad news is that Bitcoin has broken below the 30-week moving average. The weekly score drops from a 5 to a 4. A quick reversal would mean all is forgiven. The medium-term uptrend is resounding.
Bitcoin Weekly
Yet Bitcoin peaked at $67,734 on 9th Nov 2021, meaning returns have been minimal over five years. Little wonder folk are losing interest. The distributions centre around $20k, $40k, and $60k, and a little more at $80k. Perhaps the bulls are just too early. We need to wait for AI stocks to flush out.
Bitcoin Distributions and 2021 High
Meanwhile, the blockchain is alive and well. The US dollar transaction value is rising again. It is higher than 2021 levels, which is reassuring.
Blockchain Transaction Value (USD)
There鈥檚 also the weekly breadth data, which shows how significant the turn was in August. The number of weekly downtrends collapsed after a two-year build. I would like to see more uptrends, but we are in a far better place today than we were a few months ago.
Crypto Market Breadth ByteTrend Weekly Scores of 5 and 0
Channelling Ted Lasso鈥檚 mantra, Ali has some updates to help us believe.
ByteFolio Performance
