Crypto Crisp: Boring
The crypto market has been pretty boring lately, with low volatility and no significant movements in either direction for weeks.
The past week’s low volatility, combined with the ongoing drop in exchange balances for Bitcoin and Ether, strengthens our view that we are in an accumulation phase. This suggests the market is gearing up for a move upward rather than downward. In other words, we remain confident that the crypto market will gradually but steadily recover to the price levels we saw before the downturn a little over two weeks ago.
The market may be boring, but it is an ideal time for long positions, as we seem to be in an accumulation phase. Exchange balances keep declining, and the futures market has mostly shifted to being positioned short.
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