Bitcoin Hits $76K After 8 Straight Green Days! Trap Or Breakout?

**Scott Melker** (0:03)
Bitcoin hit $76,000 after eight straight green days. We haven't seen that happen in three years, the eight straight green days, and it's only happened 15 times in Bitcoin's history. Unfortunately, the last time it happened, it led to a massive correction, but historically, it has been a very good thing to see this kind of progress, especially up to a key resistance. We're going to talk about that and everything else that's happening in the Bitcoin and crypto markets, and probably all over the world, with Tillman and Andrew, of course, but also our good friend James Butterfield. Let's go.
Good morning, everybody, I hope today that you can both hear and see me, because we were lacking in the see me part yesterday. We've got James, we've got Tillman, and we've got Andrew. Good morning, gentlemen. Good morning. Okay, so we've got this positive streak to talk about here. Not the best image here, but here we go. Bitcoin's eight-day positive streak, a cautious optimism for 2025 This article's so bad that they got the year wrong. It's 2026, I think. Yeah, it can be confusing, I guess. But the point being here, like I said, this has only happened 15 times in history with Bitcoin. This kind of blasted through a key resistance, although I think we're testing back at around 74,000 right now. And I think it's also very interesting to talk about how this is happening in context of other markets, considering there's been some weakness, I think, across the board with the war, and Bitcoin has shown strength. James, maybe I'll let you take the first shot at this one.

**James** (1:51)
Yeah, I mean, the prices since the crisis have been incredibly encouraging up, sort of 15, 16% at one point. Does it continue is a big question. I'm hearing on the, in the trading team that there's been a bit of a short flush out and that's, you know, a short squeeze and we're at the end of that. And maybe there's, what we're seeing now is a little bit of a correction after that. So the rally doesn't have legs to it. That's the kind of the question I think a lot of people are asking at the moment. I think there's plenty of reasons to be quite bullish at the moment. You know, we hit RSI about a month and a half ago of 16, so really oversold. We hit various 200 day moving averages. Fun flows have turned the big corner. You know, we saw what I think of $4 billion of outflows over five weeks. The last three weeks now, actually we're on the fourth week now, we've seen $3 billion of inflows. So nearly corrected all that outflow. So that's so those institutional investors are starting to bottom fish. So that's incredibly encouraging.
But, you know, could we test the lows again? Possibly. I don't think we'll go below them. We've still got a couple of negative things floating around, and that's things like whales. So we're starting to look at whale flows quite a lot. So that's anyone over 10,000 Bitcoin. And what we've seen is 37 billion dollars of outflows from whales since October. And there doesn't seem to be a huge let up in that either. They seem to continue. And like, if you're looking, if you believe in the four year cycle thing, then another couple of months or another month or two of selling is quite likely, which is going to put downward pressure on the price.

**Scott Melker** (3:36)
Yeah, that's put downward pressure already. And if we've held above 60, I mean, I did see some, you know, data that showed that that did abate a bit in the 60s, and that there was more buying from larger wallets, maybe not as large as 10,000 wallets, but that there was a pretty significant buying floor in the 60s to 70s, and that we'd seen some of the selling pressure, you know, reduced. I mean, I think we all know the story that above 100, these guys were selling like there was no tomorrow, right, and continued to sell down. But it does seem I kind of like your take, which aligns with a lot that I've heard, which is the bottom is in, but we may be in this bottoming process for the next six months.

**James** (4:15)
Yeah, we just sideways trade for a while. I mean, if you think about some of the metrics that I think will establish themselves more concrete in the coming few years, looking sort of, you know, longer term, it is things like monetary policy action. And with the onset of inflation, you know, we know, we all know, like we look at the petrol pump prices, and they're really high. Inflation is coming next month. We've got the FOMC tomorrow. They're going to be probably talking a lot about inflation. So the prospects for any rate cuts are pretty low now. So any kind of support from monetary policy action will probably be sadly missing at the moment.