Nonetheless, as $50,000 loomed, concerns began to mount about the overall strength of the market.
Material Indicators hinted that trader habits were suggesting at belief in lower levels returning. One futures setup involved $32,000 and $34,000 for the August and September end-of-month settlements respectively.
In addition, we still have a lot of 50k puts, suggesting we get rejected here. pic.twitter.com/amxO3rYW7C
“In addition, we still have a lot of 50k puts, suggesting we get rejected here,” it added, also highlighting the “overhepositive funding rates across trading platforms.
Bitcoin funding rates chart. Source: Bybt
Such a perspective naturally grates with the overall consensus among analysts, notably with the stock-to-flow models and their creator’s “worst case scenario” for minimum prices each month.
For August, this stands at $47,000, while September’s $43,000 expectation is only lower for technical reasons, PlanB explained this week.
September $43K floor / worst case is not a typo. The small dip is caused by the data. However, it is a worst case estimate, my base case is of course the S2F estimate. Also, October $63K worst case / floor is more in line again. So Sep is just a data blip, nothing to worry about. https://t.co/tj6SSwSzKR
Today is the first day we are testing my $50k target area and seeing a reaction.
So far a bit of supply front running fears of $50k distribution. If we can get past this area of resistance I'll feel even more confident about ATH's this year. pic.twitter.com/fWV0P1o0dW
