We're waiting for profit-takers and weak hands to be shaken out. SOPR tracks this.

Nearly reset in the short time frame (1 day, lower pane).

A reset on the higher time frame (1 week, upper pane) would be very healthy for a next stage rally, would need 1-3 weeks to reset that.

I'm modelling a floor price around ~$29k (daily closing price) for a worst case lower bound in this consolidation.

Meanwhile the Rick Astleys of this world are hoovering up more coins, they are never gonna let you down, nor desert you.

Many are expecting a blow off top, I very much doubt this, there's far too much money coming in from strong HODLers. We're just shaking out the weak hands we collected along the way.

This rally has been a whale pump (strong hands). Whales come early in a bull cycle.

Here's a bed time story 2 wks ago.

Moral of the story: BTC has a history of teleporting. Not all exponential runs come back for a dip, knowing the diff is important if you're a connoisseur of the rarest commodity on the Internet.

Not seeing a blow off. https://twitter.com/woonomic/status/1345692623143464960?s=20

On-chain data via @glassnode