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Bitcoin Weekly Report: Fear on the Surface, Strength in the Structure
With CBBI at 39, Fear and Greed at 29, DXY subdued, and M2 rising, Bitcoin’s latest correction still looks more like a reset within a larger monetary bull market than the end of the cycle
Michael P. Di Fulvio10 min read·Just now--
Bitcoin now sits in one of those uncomfortable but historically important periods that weaker hands often misunderstand. The weekly and monthly charts do not show a dead market. They show a market working through a reset after a powerful advance, while the larger monetary and macro structure continues to lean in Bitcoin’s favor.
The picture is clear.
The weekly Bitcoin chart shows price at roughly $74,000, recovering from a severe drawdown that pushed price down toward the lower Bollinger structure and close to the rising long-term 200-week moving average zone. The monthly chart tells the deeper story. Bitcoin remains far above the long-term secular trend that has defined every major cycle since inception. That matters. In Bitcoin, what appears frightening on the weekly chart often looks entirely normal on the monthly chart. That has been true again and again since 2011.
At the same time, the U.S. Dollar Index weekly chart remains subdued, trading below its long-term 200-week moving average and unable to mount a serious structural breakout. The M2 weekly chart continues to rise and has now moved to fresh highs…
