September End Update

There was a bit more chop this past week, with some institutional sell pressure, including Marathon dumping well over 5,000 BTC on Monday (probably some book rebalancing), plus many TradFi factors weighing in (yields, oil, stocks, inflation, etc.). All things considered, I think we remain in a strong bullish trend.

The only potential negative event I can foresee is the Mt. Gox distribution deadline on October 31. Unless they push the deadline again, they should distribute about 35K BTC to creditors, which should be seen as a negative for price. That said, we've seen the market shrug off bad news repeatedly. So I'm not even considering selling because of it, but I'm less eager to FOMO into leveraged positions without dips, knowing this potential catalyst is coming to a timeline near you.

Below are the nearby support zones I have for BTC and ETH. I'm bullish on both, especially given Vitalik's renewed excitement about fundamental improvements (see here: https://x.com/VitalikButerin/status/2104186531829445083).

As long as we don't lose these supports on a daily closing basis, I remain bullish and positioned for higher. Given the context, I think it's better to stay out of leverage unless you get lucky entries on dips.