Is Bitcoin Pulling a Larry David Move in 2024? 🤔

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So, Bitcoin [BTC] waltzes back above the $90k mark-again. Like that friend who shows up uninvited to every party, it just won’t quit. The buyers tried their darndest to push it past $90k, and hey, they managed it… twice! 🎉 Now, if they want to keep this little uptrend going, they’ll have to bust through $94k next. Good luck with that. 🍀

Meanwhile, AMBCrypto dropped a report saying miner reserves are growing. Is this evidence of a local bottom? Maybe. Or maybe miners are just hoarding Bitcoin like it’s toilet paper during a pandemic. 😅

But don’t get too excited-December might just be more of the same sideways nonsense. You know, like watching Curb Your Enthusiasm reruns for the umpteenth time. Still funny, but… predictable.

Why Bitcoin Might Have Hit Its Local Bottom (Or Not)

An analyst named Darkfost (sounds like a Game of Thrones character, doesn’t it?) pointed out that spot trading volume slowed down in November. Binance, the king of volume, saw a $40 billion drop from October. 💸 Bitcoin lost 17.5% of its value last month, and apparently, the deeper we get into this cycle, the less people care about spot trading. Peaks are getting smaller too, like Jeff’s hairline over the years. 🙊

Futures trading, on the other hand, is still going strong. Spot volume is only 0.23 of Futures volume. What does that mean? I have no idea, but it sounds bad. 📉

The market sentiment is firmly in “fear” territory, which is ironic because fear usually accompanies horror movies, not financial markets. People are whispering about a bear market, but nothing’s confirmed yet. Classic Schrödinger’s Bitcoin-both bullish and bearish until proven otherwise. 🐻🐂

The Bitcoin Supply in Profit metric took a nosedive, plummeting below the liquidity accumulation line. Translation: until recently, Bitcoin was profitable. Now? Not so much. The selling pressure since October wiped out a lot of gains, eerily similar to June 2021. Back then, Bitcoin bounced to new highs before crashing. Could it happen again? Sure, why not? But don’t mortgage your house for Bitcoin just yet. 🏠➡️💰

Final Thoughts

  • Low trading volume and fearful markets might mean Bitcoin hit a local bottom. Or it might mean Larry David-level awkwardness is coming. 🤷‍♂️
  • Bitcoin’s supply in profit looks like June 2021, when it surged to new highs. History repeats itself-or at least it tries to. 📜

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2025-12-08 09:14