Bull Market or Bull Trap? | Crypto Craft

  • Bull Market or Bull Trap?

    From medium.com

    This week we cover the strong price action that has taken place thus far in 2023 and where it leaves the market. We evaluate potential signs for a bottom based on blockchain metrics during previous bear markets, while also considering that this time may *actually be different* given the macro outlook and the broader effects of global liquidity on risk assets. Network Fees — Sum of total fees spent to use a particular blockchain. This tracks the willingness to spend and demand to use Bitcoin or Ether. • Bitcoin fees spiked as its price rose above $20,000 for the first time since early November • Ethereum fees ... (full story)

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raklian
Jan 20, 2023 1:58pm
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Given the current macroeconomic environment (interest rates going up making debt more expensive, looming recession, wages still stubbornly rising, etc.), it's a very belated bull trap masquerading as a very deceptive bull run.
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