BTC update

$BTC continues to range between $6380-$6500 as slight upturn is seen across the entire crypto market over the course of the past 24 hours.

Despite the market remaining relatively unchanged, a bullish bias seems to have crpt into the market.

First, it is important to acknowledge $6k $BTC support.

$6k has exhausted selling pressure since the beginning of 2018 and it continues to do so. As volume continues to decline, once again, at these levels, we are inclined to believe that whales seem to te easing their sell pressure.

This theory goes hand in hand with the volatility(or lack of it) we have seen as of late.

$BTC volatility reached yearly lows on October 11th and is operating in the lowest 30-day volatility window of 2018 as well.

This implies a different type of price action and sentiment occuring in the $6k region. Sellers don’t feel comfortable and neither do buyers.

Given that this is a bear market , it might seem that buyers are being extremely cautious before driving the price out of this range

“Be greedy when others are fearful, fearful when others are greedy”

Fundamentally, with every passing day even the Tether exodus that occurred early last week is pointing to a bullish signal as well.

It does seem , that move was not driven out of fear but was actually a clear signal that large amounts of capital left stable coins in order to regain exposure to the volatility of crypto. This is a signal that major players are preparing to load up before an ensuing bullish movement would occur.

The timing of all of this coincides perfectly with the pending institutional presence of Bakkt and Eris X exchanges

Both should both be entering the space in the next few months. The companies backing these products don’t typically make bets on an industry they aren’t nearly 100% sure can be profitable.

The confidence exuded by ICE and TD Ameritrade by backing crypto products of this magnitude adds to the confidence in the mid to long term success of this space.