$BTC
🚨 between Nov, 15th and Jan, 15th, Bitcoin was entirely rangebound 🚨
However, we would see brief periods of liquidations with "gaps" in both directions 🧐
This was yet another sign of the structural collapse in crypto
Finally, the range broke to the downside on Jan. 16th ⌛️
As price action deteriorated, so did sentiment ↔️
If previous crypto cycles have taught us anything, it's the sentiment is ALL that matters
As seen below, sentiment has traded in a near straight-line lower since October 10th 🚨
Even relief rallies failed to shift sentiment
The result is a massive virtuous cycle, shifting from liquidations to sentiment deterioration, and back 🧐
Since January 24th, we have seen $10 billion worth of levered positions liquidated ↔️
That's ~55% of the record amount seen on October 10th ↔️
It's a structural decline ⬇️
🚸 Warning 🚸 I do not provide financial advice 🔞The intent of this content is for you to be aware of market conditions before starting to invest 👌Thank you for reading 👌
