Key Metrics

Exchange Reserves hit new all time low: 2,469,890

This new all time low signals that demand is pulling Bitcoin off of the exchanges into cold storage and are not short term traders.

Business Cycle turning up

The business cycle combines over 40 macro indicators to determine the overall direction in the business cycle. Bitcoin historically peaks at the peak of the business cycle.

200 Week Moving Average continues upward

The 200 week moving average reached $48,900, and signals continued upward momentum as Bitcoin previously peaks when the the 200 wma reaches the previous all time high.

Bitcoin Realized Price breaks $48k

Realized price is the average price that each coin last moved at on the network. This value tends to set the floor and mirrors the 200wma, but indicates Bitcoin holders willingness to move and spend Bitcoin.

M2 Money Supply Continues to Expand

Global M2 has reached $112T and this graph shows M2 money supply shifted 12 weeks with a Bitcoin correlation of >0.9

Bitcoin Relative Strength Index (RSI)

Sitting at ~70, the RSI indicates that demand is positive, but no-where near price exhaustion peaks of prior cycles.

Network Hashrate drops amid heat waves in the US.

The total Bitcoin network peaked at near 950 exahash and has temporarily dropped to low 800 exahash as heat waves hit the north and miners are required to curtail from power demand.

That’s all for now.

If there are additional metrics that you want to see or think are appropriate to include, please let me know.

Thanks for reading.