Big Gulp

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Bitcoin dived down to its 200EMA level on the daily timeframe, where we saw a nice reaction. The sell-off caused one of the largest single liquidations; estimations put the options trader’s loss somewhere between $180-$250m. On the bright side, I don’t believe we will nuke through these levels as it’s a strong demand zone. Plus we can see the Bitcoin Dominance chart may be reversing, which may be an indication that the low is in – for now.

Fear is high, buy the blood? Don’t forget EIP 1559, scheduled for July, will make Ethereum deflationary. Seems whales agree that this upgrade is bullish, as we saw heavy bidding on the ETH/BTC pair on Bitfinex during this dip. Still believe we’re en route for a DeFi Summer 2.0!

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