Daily Bits — Downward Doge
We bring you Bybit Daily Bits — A tiny step towards trading the world.
Chart of the Day
A slow recovery. As Bitcoin struggled to establish a strong footing above the 100-hourly simple moving average, technical indicators point to increasingly bearish sentiments. However, on-chain metrics suggest that fundamentals remain hopeful.
The massive price correction has not shattered on-chain support but instead created strong price validation above the $1 trillion milestone — 14% of the supply has been moved above the $1 trillion market cap, forming a formidable price wall. The bottom is near, if the price is not already on the trajectory to bounce back, seize it while you can.
Talk of the Town
Here they sang about Doge Day. And Doge Day never came. After a 400% rally within the past week, the market cap of Dogecoin, the memecoin-turned cultural phenomenon, briefly rose to $50 billion, showing great promises of reaching $1, or more realistically, $0.69. Dawning Doge Day new comfort hath inspired, or so they’ve hoped. However, jokes befell on the joke coin as Doge retreated, tail between its legs, to a mediocre $0.27.