Bitcoin RIPS Back To $64K On Day 307 Of Its Third-Longest Range

**Scott Melker** (0:01)
Bitcoin rips back to 64,000 dollars on 307th day in its third longest range ever. Bitcoin has spent 307 days total over time trading between 60 and 70, and we still get to do titles about ripping and down and up and all the things. It's sideways. We're gonna talk about it and everything else going on. There's actually quite a bit of news. Circle just became a bank. Pretty cool. World Cup's happening. Let's talk about it. Let's go.
What is up, everybody? Happy Casual Friday. I don't...
Those waves are fast. Surf those. Hey, good morning, everybody. Yes, I'm late. Eat it. Whatever, I was changing the title. I came, I looked, I realized I hadn't done my work, and I didn't like the title, and I was changing it. Somewhat late, never late, always late. I see you guys over there. By the way, I used to always be late. Now I'm never late, honestly. Today was an anomaly. Today was an anomaly, I'm not usually late. But the good news is that you waited.
Just like we'll be waiting another 240 years for the United States to be good at soccer. I still can't, I mean, I knew we stunk, but that was really bad. I guess today we'll see Belgium play Spain. Yesterday, obviously, we saw France beating Morocco. I'm sorry, if you're American, every single time Mbappe scores, do you think Mbappe, dip, da, ba, do, ba, dibby, da, ba, I do.
My kid calls him Boppy.
Boppy, Boppy. Anyways, should we talk about stuff? Okay, cool. We're gonna first, we're gonna talk about Bitcoin. I still am of the very humble opinion that Bitcoin still looks like it's kind of bottomy. Bottoming, bottomy, bottoming, bottom-boom.
I did the wrong one. Hey, Bitcoin's $60,000 to $70,000 range becomes third most traded range in history. 10 to 20 is the most right there. Out there over 400 days, out there. 20 to 30 spent a lot of time there. If you guys remember, almost 400 days. $60,000 to $69,000. There are 307 days. I would not be surprised if we end up hitting records here. Even if we go above, below, I don't think anyone would be surprised if we get another 100, 150, 200 days of chop in this area as Bitcoin hopefully bottoms. But listen, I make the case all the time. But check this chart. Look at it. You see anything? Probably not small. The Bitcoin weekly chart. Okay. Let's do a little zoomy, zoom, zoom beanie right there. Okay. See that 200 week moving average? We've been under it only a couple of times, but never for long. The only time we were ever there for more than a week was FTX, when we spent nine months, and then went above and below for a couple of weeks before going back above. I can show you that in a second. But here we are. We broke below it two weeks ago, immediately recaptured it, and now we're testing it as support. We need to see that close on Sunday. But historically, as I've told you many times, the 200 MA is the support at the cycle close. We're near that. And then you open this up, and you have a massive bullish divergence here with RSI. And RSI oversold when we hit that first 60 for the first, for the fourth time ever in the history of ever. Zoom back, right? Here, look, I'll show you. Here is FTX, right? Obviously broke down, I said, for nine months, got back above a little bit of time below. But before that, we'd never really broken it except COVID 2020 Obviously that massive wake, but look, closed below. Next week above. Bye.
I want you to see those fast-moving waves back there, okay? It looks like that. Now let's check the monthly chart, because it's a stunner. Number one stunner. The cash money is going on tour, a juvenile master P and stuff. I'm going to that as a 50-year-old white man. 50 MA right there on the monthly. Look at it, look at it. Yes, it's only July 10th, but I mean, come on, man. We got a lot of reasons to think that things could be starting to look good. And of course, sentiment still remains in the dumps. 23 is now high. Right? We're in extreme fear, but I still be that as high. I'll take a look at this. Mixed signals emerge, no confirmation. While continuous rail accumulation provides a buffer against further downside, definitive broad-based market bottom has yet to be confirmed by Sonny Mom.
Sonny Mom? Cloudy Father. All right. Quiet. You're laughing too loud over there. I'm just kidding. Coinbase premium index. Okay. Coinbase premium is negative. That's the downside. That's the bad side. But take a look at these charts right here. Right? So we got ETF flows. They were massively down, down bad, which we saw, but they've reversed. So maybe that's giving us some hope. But the real chart you want to look at right here, old versus new whale accumulation. So first of all, I question this slightly because I remember seeing charts that said old whales had been selling off massively since, you know, 120, but it looks like they basically just flattened out. So I guess that means a bunch of them are buying and a bunch of them are selling, but flat. But look, new whales still massively accumulating, still massively accumulating there. And so you have this floor of the big wallet adding massively and even a little uptick there. And there's that MVRV right there, which you can take a look at. We talked about this yesterday. But MVRV reaching nearly a bottom there. Basically, it's market value versus realized value. Coins underwater reaching those historic lows. And you can see on this chart as well, the one we were just looking at, when you look at that, usually that is way above price. And now it's way below price, like historically. So even if they come together and merge Chinese finger cuffs back together, inverted, it'll go up. So guys, I'm feeling pretty good, to be honest. And honestly, so look, you know that we've partnered with CalShe and I've been using it quite a lot. I think we can get some good information. Look, I'm going to do a banner. Wait, I'm going to do it. Forgot I have a banner. Check this out. Oh, I hit edit instead of, hard. Look at that. Remember those? Use code, W-O-S. Get $10 when you do $10. Do your $10 to do the $10. All right. But look, Bitcoin price at the end of 2026, like people think it's going to be real bad, you know? Still the majority of this clustered all way below current price. Some people think that we might get to 75, nobody really thinking that we go higher. And look at this. I mean, how low will Bitcoin get this year? 63% think below 55, 54%. A majority of people betting with their actual United States dollar monies think that Bitcoin is going below $50,000. 54%? Below 45, 42%. That's still a lot to me. This actual money, below $40,000, 31% tells me that very few people believe that this market is bottoming at all. You guys, what do you think in the comments? Let's do that. Why don't you guys tell me what you think over there? You think that this is bottoming here?