Market Update (Jun 23 2022)

Posted On Jun 23, 2022 |

As every day, here is our daily market update. Find out what has influenced the price and what we expect in the coming days.

Good afternoon everyone, I hope you're all well.

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So, a bit of a boring market at this moment in time, but this is all part of the process and is a key stage in the bear market. Technically speaking the on-chain data has suggested that we have been in a bear market now since May 2021. Yes, I know that sounds strange because of the back end of 2021 was so good in terms of price action and we got the all-time-high, but actual network activity had suggested that retail had in the majority left the space and the space was dominated by Institutions.

Now however, most in the space have left and its us last OG's that are left standing. I was back here in 2017 and 2018 and that was a really terrible bear market, I think this last year or so of bear market hasn't been as bad as 2018, so this I take as a positive, as it shows the space is developing. For now, I think the market is sitting tight and effectively waiting on the next set of inflation data. Along with this, we have had Powell speak yesterday and he suggested that the FED may sell some of its MBS's. If this happened then this would cause one more big flush out. Again, this is something they said they wouldn't need to do but are now saying they may do it.

With regards Bitcoin price action, we're very choppy which again is terrible conditions for trading. So for now, until the data comes out we stay away, unless we can start getting some better indicators. For now, we're seeing no bull divs, hidden bear divs, would prefer to stay away.

Categories: Market Update

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