Recent weeks have seen an uncharacteristically low degree of volatility in Bitcoin prices, in stark contrast to equity, credit, and forex markets, where central bank rate hikes, inflation, and a strong US dollar continue to wreak havoc. Against this backdrop, Bitcoin has been remarkably stable and has gained ground against many assets on a relative scale.
Bitcoin markets traded slightly higher this week, rallying from a low of $19,037 to a high of $20,406. Prices remain rangebound, consolidating for over 120 days since the major deleveraging event in mid-June.
As investors attempt to establish a bear market floor, we can compare the market structure to past cycle lows. In this edition, we undertake a series of studies assessing the behavior of Whale sized entities, and make adjustments to many bottom formation metrics, to better account for the influence of lost and long HODLed coins.
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