Bitcoin Update: $500-Million ETF Inflows, Market Absorbs Mt. Gox BTC, $50K Level Defended

The Bitcoin Layer
The Bitcoin Layer
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Published 2024-07-09
In this video, Joe walks through how bitcoin's 4-week 25% correction may be coming to a close. Despite Mt. Gox now redistributing 94,500 BTC, and the German government selling $21 billion in BTC over the weekend, bitcoin managed to spring off of the low-$50,000 level. Factors that have been headwinds for BTC over the last month are no longer hurting its market price, and after a 7.5% weekly drop, the 4th largest since FTX collapsed, bitcoin may have just set a local bottom for the remainder of the bull market.

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The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
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Chapters:
00:00:00 - Bitcoin's Summer Outlook and the Sam Rule
00:02:00 - The Sam Rule and Impending Recession
00:04:05 - Tracking Interest Rates and Growth Expectations
00:06:07 - The Triggering of the Sam Ru and its Impact on Investor Behavior
00:08:02 - Bitcoin's Price Decline Since FTX Collapse
00:10:15 - Selling of Bitcoin by the German Government
00:12:16 - Positive Price Movement during Major Events
00:14:31 - Positive Price Action for Bitcoin
00:16:47 - Encouraging Signs for Bitcoin's Price
00:18:35 - Bitcoin and Global Macro Update
All Comments (14)
  • @King.Carlo0
    Back in 2022 when btc was at its cycle low, people were saying btc is done for it's going below $15k US it's going to zero. Well it's down 10% from mid March ath 2024 and now everyone is shitting themselves. That doesn't make any logical sense especially for crypto.Its just a shake out phase, chill people go zoom out at old charts. We are at around 1.4 trillion market cap and only growing, just wait and see the price next year in March it will double....I've been engaged in active trading and managed to grow a nest egg of around 2.3Bitcoin to a decent 24Bitcoin....I'm especially grateful to Donna Mikalonis, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape…
  • @michelazar2779
    Would love to be able to set alerts for "Bitcoin weekly updates" as a playlist or something... :) Super clear and valuable...
  • @gr3398
    Appreciate everything. Representing! Keep up the good work!
  • @jordandupont8192
    Now we will drop again “seems like we are out of the woods” … nope. You’re killing me, smalls.
  • @Kaodusanya
    Jinxed it lol. I bought the dip hope we get a bit more but meh
  • @ivanai6622
    If Powell hints at a rate cut in September wouldn't that spur a huge market rally, especially small caps that have been obliterated (Russell)? How does that play into the whole Sam unemployment/recession scenario and treasuries? I think he will cut to avoid deep recession and growth stocks will take off along with all other high risk assets. Otherwise, yes I can see a deep recession incoming.
  • @jmartis89
    The correction is definitely done! Here we fkn go! 🚀