BTC weekly update!
New week new bitcoin!
Lets dive right in, this one is going to be short and sweet.
Many of the metrics currently are currently looking similar to the one's I put up last week and therefore I will dive right into the dynamics that are showing signs of a potential next move.
Investors of all sorts are hyped up after a ATH monthly close, and walking into November BTC seems like it can't be stopped.
This upcoming week is the FOMC meeting (Nov 3rd). The last time if anyone remembers this event, BTC was faced with a choppy week, which I feel like is the main reason BTC is chopping sideways, this time around, investors are unclear of what may happen and they don't want to risk accumulation before they know what may occur.
The current market insight I post will usually detail what I see potentially in the upcoming week or two. Many metrics are still very bullish, the month of November does look very promising as Supply dynamics are demonstrating high demand & very low supply.
Good luck! Would love to hear feedback on my work! It's short and sweet, but I'd love to provide more content, I am working on something to organize and approach the on chain metrics that I see in a more productive way.
Other Useful metrics to take into account to get confluence on your investor approach:
- Stable coins total supply % on exchanges
- Coin Dormancy
- Active Addresses
- Circulating coins
- Net/realize profit
- Funding Rate
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