Episode 534
📍 Bitcoin's price has dropped 27% from its all-time high of $109,000, falling below its 200-day moving average, a key technical indicator of long-term trend strength.
📍 The decline is attributed to accelerating outflows from Bitcoin ETFs, with over $2 billion pulled out in February, and investors shifting towards traditional safe-haven assets like gold amid broader macroeconomic uncertainty.
📍 Despite the correction, Bitcoin's long-term holders appear to be staying put, with on-chain data indicating that most selling pressure is coming from newer investors, while wallets holding Bitcoin for extended periods remain relatively inactive.
📍 MetaMask is set to expand support to the Bitcoin and Solana networks, and eventually remove gas fees, as part of a roadmap of updates for the year, aiming to offer a more simple and easy-to-use wallet.
📍 The current downturn in Bitcoin's price could be a "breakout and retest" play, a phenomenon where assets return to confirm the validity of a breakout before staging bigger rallies, with the $73,835 level being a key support level to watch.
