Bitcoin Stuck in Its Own Rodeo, But Don’t Count Out the Bull Riders Yet!

[CryptoButthead.com , msch , July 31, 2023] Bitcoin is actin’ like a sleepy cowpoke, just stuck in its tiny corral, durnit! Some folks out there are gettin’ all fidgety, wonderin’ if this critter’s gonna break free and put on a show. The question is, will we see a good ol’ breakout?

Now, don’t y’all go losin’ sleep over this, ’cause some reckon that ol’ Bitcoin ain’t done yet. There’s talk of buying pressure comin’ back like a faithful hound to its master. And hey, have you heard about this “long-term bull flag”? Sounds fancy, huh? Well, it might just confirm on the monthly close, givin’ the bulls somethin’ to hoot and holler about!

But let me tell ya, last week was like watchin’ paint dry on the picket fence. That Bitcoin price was more stable than Granny’s secret apple pie recipe! Folks were starin’ at a range between $29,000 and $29,500 like a deer caught in the headlights. Ain’t no wonder traders were yawnin’ more than a hootenanny without the banjo.

Now, get a load of this: the monthly close is upon us, and it looks like Bitcoin might saddle up for a 3.5% loss. But don’t be fooled, partners! That fancy-pants MACD indicator is winkin’ at us with a bullish crossover. That’s like a cowboy gettin’ his spurs on, ready to ride into the sunset! Some even say this reminds ’em of that wild ride back in 2015 when Bitcoin galloped to its old all-time highs.

And here’s the kicker, folks! The daily MACD and the RSI are playin’ it cool, waitin’ for the right moment to pounce. It’s like watchin’ a rattlesnake, all quiet and calm, just waitin’ to strike. Sentiment is neutral, but you know how it goes in this rodeo—we’re just waitin’ for the market to make its move.

Now, before you go packin’ your bags and headin’ for the hills, let’s look at the bigger picture. The U.S. job market’s makin’ folks nervous, and there’s talk about inflation takin’ a nap. Well, y’all know how much the market loves a good ol’ jobs report. So keep an eye on them earnings reports and how they affect them Federal Reserve decisions.

But I’ll tell ya, don’t you go countin’ the U.S. dollar’s chickens just yet. Some smart fellas think it’s ’bout time for it to ride back into the sunset, leavin’ room for ol’ Bitcoin and the risk assets to shine like a brand-new sheriff’s badge.

Now, I reckon some of y’all are worried ’bout them long-term holders. They’re like the old-timers sittin’ on their front porch, keepin’ an eye on the herd. But let me tell ya, they still got a good grip on that bull’s reins, holdin’ 75% of the BTC supply. And them big wallets with 1,000 BTC? They might’ve thinned out a mite, but there’s still plenty of folks with their wallets holdin’ 0.01 BTC or more. A whole mess of ’em, in fact!

So, there you have it, folks! Bitcoin’s been doin’ a little square dance, but don’t count out the bull riders just yet. We got some potential for a buckin’ bronco of a breakout, and that’s got the crypto market lookin’ mighty fine!