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We’re now nearly 9 months into the bear market. BTC is trading below its 200 WMA and near a cycle low (-53%). Leverage has been squeezed out of the market. Greed is out of style. And social interest is near all-time lows.
As this plays out, the bulls have gone into hiding. And the prevailing narrative has shifted to “one more flush.”
In this week’s report, we provide a data-driven “cycle awareness” and macro update while assessing whether risk is shifting to the upside vs the downside.
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