Healthy Pullback & Taproot Upgrade
Nov 19, 2021
• 7
Min Read
Key Takeaways
After Bitcoin reached a new all-time high of $69,000, we have seen a reset in futures funding markets, and spot demand start to waiver.These pullbacks are not uncommon in bull markets. Since June 2020, there have been 34 daily drawdowns (open to close) of over 5%, largest of which were 14% in May and 13% in January.On chain data further supports our view. As we noted last week, long-term holders have started to scale out of their positions into a strengthening market, with short-term holders re-entering the market at higher price ranges. On November 14, the Bitcoin netwo...