Bhutan Holds 3/4th Of It's GDP Worth Of Bitcoin!

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📅 Today

🔍️ Market Outlook For The Week

• Overall Bias - Cautious 🙏 

• BTC is re-testing the bull-market support band at $62,700-$64,000, trying to break this major resistance.

• This is a crucial price level. If BTC gets rejected here, further downside can be expected.

• Historically, Q4 has been the best performing quarter for BTC, so we can expect some bullish momentum due to seasonality.

• For the bulls, a breakout above $67,400 will take BTC to new all-time highs

• It is wise to not take any new leveraged positions till BTC closes above $67,400, and just DCA in spot instead.

Bhutan HODLs 3/4th of it’s GDP in Bitcoin ❗️ 

The country of Bhutan has now become the 4th largest government holder of Bitcoin with $780 million worth of BTC (13,000+ BTC). This is equivalent to 3/4th of it’s entire GDP of ~2.5 billion.

Unlike other nations that obtained Bitcoin through seizures, Bhutan actively invests in Bitcoin mining.

The operations, led by it’s sovereign investment arm Druk Holdings, have expanded significantly since early 2023, utilizing the country's abundant hydropower, making it one of the most eco-friendly crypto-mining efforts worldwide.

In May 2023, Bhutan teamed up with Bitdeer to create a fully carbon-neutral Bitcoin mining operation.

Illegal Crypto Mining Farms Found in Russia ❗️

Authorities in Russia have uncovered illegal crypto mining operations underground in several areas.

In the Sergokalinsky district, over 15 mining machines were found hidden underground as owners attempted to bypass legal restrictions on crypto mining.

Cryptocurrency mining legislation, signed by President Vladimir Putin, will now come into effect soon under certain conditions from Nov. 1, 2024.

A special register will be maintained by the finance ministry for companies engaging in crypto mining. Individuals mining digital currencies will have to provide certain information to Russia's financial monitoring regulator.

📕 Educational

Long-Term On-Chain Support Levels Signal a Positive Outlook for Bitcoin

1. The 7-day SMA of the Fund Flow Ratio has touched 0.05 and is now showing a slight rebound. This suggests that investors are beginning to trade on exchanges again. The 0.05 level has historically served as a major support line where the Fund Flow Ratio stops declining and starts to recover. This rebound typically occurs when a bear market or halving event concludes and a bull market begins, leading to significant long-term increases in Bitcoin’s price.

2. The 30-day SMA of the Estimated Leverage Ratio has formed a key support range between 0.15 and 0.175, and it is currently showing signs of recovery and upward movement. With the approval of futures ETFs after 2021 and the recent positive news regarding Bitcoin options trading, I believe the influence of this metric will continue to grow.

3. The 30-day EMA of Binary CDD is moving between 0.1 and 0.3, indicating that long-term holders are accumulating Bitcoin. When this value significantly increases, it often signals the end of a bull market.

Source : CryptoQuant

📊 Stat of the day

📈 Chart of the day

Rationale & Confluences

• 48 day consolidation range breakout

• Re-test confirmation done

• Good volumes on breakout

• EMA ribbons crossover

• Cup & Handle breakout pattern

• $0.85 & $0.98 can be a swing targets for a mid term spot hold.

• Source : Cointraction

🤣 Meme of the day

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.