Transcription
Hello everyone. Bitcoin is at 82,407 dollars as we speak. Something is happening. Something important is happening with Bitcoin. We will talk about many indicators, many things because the stars are aligning. And when I talk about stars, I am obviously talking about technicals, momentum, RSI, the location of structures, etc., Bollinger Bands, Ichimoku. This concerns the technicals. Now, we will also talk about the on-chain part which is aligning with the technicals. We also have the derivatives part, so the derivative contracts which are also advancing the same thesis as what the technicals and the on-chain part are telling us. And we also have the overall market sentiment which confirms this with, obviously, the last piece of the puzzle which is macroeconomics. These five elements are all aligning in the same direction, and that's what we're going to talk about in this video.
So, let's start right away with the technical part. You know that this is a part that I'm fond of because technicals reveal a lot about what's happening behind the scenes because, indeed, if we have large cohorts starting to buy, well, it shows up on the price. If we have... it shows up on the price, on the price structure, also on the momentum. If we have people starting to lighten up on traps that are forming, that also shows up on price structures. And that's why, for me, it's paramount. Obviously, it doesn't do everything. Just as one indicator doesn't do everything, one area of analysis doesn't do everything. The technical part has its interest, its advantages, but it also has disadvantages. And so, obviously, that's why we analyze many different things. The technical part, let's start with price structure. Regarding price structure, we saw that we had formed a bullish trendline that was formed by the low of April 2nd, Thursday, April 2nd, with the low of $65,000, and we worked this trendline many times, precisely on April 5th, April 7th, April 13th, April 20th, and finally, we broke it on April 27th. We broke this trendline downwards. I talked about it in my previous public video, I believe it was the one from Monday, April 27th. I pointed out at the level of $79,500 that we needed to be vigilant, that we had a double top formation with liquidity located just above us, and that we had a significant possibility of breaking this trendline, making a pullback, and then making a low. And well, that's exactly what we did. I invite you to watch the video. We made a low of nearly 6% on Bitcoin, and you see that it's not insignificant. We broke this trendline, made a pullback. If I put it on a slightly shorter timeframe, you see that we broke it, made a pullback here with a return to the $78,000 level, and then moved lower.
Now, what's very interesting from that point on is that we made regular contacts with this trendline to reconnect with this dense and powerful bullish buying momentum that we had started to build at the beginning of April 2026. This is extremely interesting because it means something. You have to be able to read between the lines. When we see a price structure, when we see a technical configuration, we must be able to understand what the market is telling us. What the market is telling us is that we had made a double top structure, that we were quite tired, and that we had accumulated a lot of longs during that period, that we were starting to see a few buyers showing up, perhaps a bit too aggressively, and the market decided to punish them. At $79,500, we were reaching a major technical zone. The order block that we had created between Saturday, January 31st, 2026, and Tuesday, February 3rd, 2026. We returned to contact with this order block to use it as resistance, to close longs and open shorts for the majority of the whales. This sent us back down forcefully, as we dropped, as I said, by about 6%.
What this story tells us, however, is that here at $75,000, and we see it in the orders of large portfolios, there was a significant manifestation of whales. You can see it; there were very few orders present, and finally, they all showed up around $75,000 to recover the price, to support the price with strong demand. And then, we started to send back a significant bullish trend, a bullish trend that has been ongoing since... well, since $75,000. And you see that we managed to reconnect with this trendline. And that's why I tell you that these trendlines are important, that you have to follow them, you have to draw them because these trendlines show us the momentum. And as you know, we came into contact with this trendline, we leaned on this 250-period EMA on the 2-hour chart. That's why I display it regularly too, because you see that when we came down during the drop, we leaned on it several times. And you also see, during the previous movements of the previous range that occupied us during November, December, and January 2026, 2025-26, we had some passages. This 250-period EMA on the 2-hour chart is really interesting to follow. It shows us medium-term market dynamic changes, and you see that it had been a while since we had managed to break above it, and since April 26th, April 7th, 2026, when we managed to make a pullback on it and hook onto this trendline, you see that we just made a retest at the $75,400 level and then moved higher. We came into contact with this trendline, and precisely, during the night from Monday to Tuesday, we broke this trendline, moved back above it, leaned on it from above, and now, for a few hours, we are moving higher again. We are already at $82,700, and that's why, personally and through my investment circle, we decided to become buyers again a few days ago.
As always, risk management dictates. I don't go 100% long on my portfolio, just as I'm not necessarily 0% short as soon as there's the slightest dip. I adjust my portfolio with risk management through my strategy. That's what I share pedagogically with my investment circle. This morning, we were online for a briefing that lasted 1 hour and 30 minutes this morning. Explained a major point on Bitcoin and altcoins, which, consequently, allows us to understand these movements, to learn the pedagogy that goes with it, and to be able to know what I'm doing with complete transparency. I share my portfolio in real-time with my investment circle members.
So here, you see that we have had a real change, a real paradigm shift, since technically we have shown that we are capable of bouncing back and, upon breaking this trendline, capable of finding support to find buyers and move higher. I told you that we had an alignment of many, many indicators. Well, these indicators, in particular, are part of flow indicators. The flows on Bitcoin ETFs continue to be extremely dense and extremely bullish. We see it on BlackRock's portfolio since around February 25th, 2026, there has been a significant increase in Bitcoin's price, which has been driven precisely by these massive purchases by BlackRock, by BlackRock's clients who have massively bought since February 25th. They took a break from around March 18th to April 10th, for about 3 weeks. We had a pause, a pause that resulted in a drop in Bitcoin between that period, between $75,000 and around $65,000-$66,000. So we really had this wave-like trend with a bullish wave from $63,000 to $75,000, driven by BlackRock ETFs. A drop that occurred precisely when we found an imbalance unfavorable to buyers, thus favorable to sellers, in terms of supply and demand. So we had supply present, demand absent, especially since BlackRock had withdrawn from this demand. We had no new demand, we had a rebalancing, and then we had an intense buying recovery that resumed from around April 7th, 8th, 9th, and is intensifying and continuing to intensify. It has also been joined by demand from Fidelity's, Bitwise's, or Arc Invest's portfolios, for example, and we see that day by day we are aligning days of gains, and it shows on Glassnode, where the trend is very clear. When we zoom out a bit, we have very, very few capital outflows from ETFs, and capital inflows are intense, a bit like what we saw after the tariff panic almost exactly a year ago, as it was at the end of April 2025, and you see that we recovered with intensity, with considerable intensity. We resumed significant buying rhythms on Bitcoin ETFs, and that led to a bullish recovery that lasted a few weeks, a few months at the time, and brought us from around $74,000 to almost... well, we're talking about $110,000, approximately. So that's interesting, and it shows us that we have real support from traditional finance, but it doesn't stop there. Whales, in particular, so I'm looking at my WH versus Retail Delta indicator, and here I'm observing the variations in position taking by whales compared to retail. What we do is we look at whether whales are doing the same thing as small portfolios or not, and if they are doing the same thing, is it more oriented upwards or downwards? What's interesting is to look at divergences. Divergences are the moments when whales do one thing and small portfolios do the opposite. Whales are buying, and small portfolios are selling, or vice versa. And here, what we observe is that during this upward phase, and particularly at the level of our $75,000, at the time I was talking to you in the video on Monday, April 27th, I explained that we had a non-negligible probability of a drop. Well, this was quite motivated by this indicator, this indicator that showed us that whales were selling positions. Obviously, we were at a major order block, at a psychological level, a round number, $80,000. And so, there were all the reasons in the world to say, well, we need to close at least part of the longs, and that's part of risk management. Whales understood this well, and if they didn't understand it, they are accompanied by people who do, and so, obviously, these whales are capable of saying, "I'm reaching a risky zone." The risk-reward ratio is no longer favorable to taking risks. I'm lightening my portfolio, closing my long positions, or adding short positions to hedge. And what we had was exactly that, a move from $80,000 to $75,000. A small drop. But what happened afterwards? What happened was a major and massive resumption of position taking precisely from May 1st, 2026. Since then, for about a week, we've had a series of up days on this indicator, which shows that at a time when small portfolios think it's a dead cat bounce, think the movement won't last, they intensify their selling positions, while whales are increasing their long positions. And here, it's remarkable, it's truly ideal, meaning an uptrend driven by real demand, and we'll see it, and we've seen it with BlackRock ETFs, an uptrend driven by whales, and an uptrend rejected by small portfolios. It's ideal. Why? Because it will generate a catch-up rally, a FOMO rally. We'll have a lot of people. So, when will this happen? I can't say. $83,000, $85,000, $88,000, maybe more, I don't know. But it will happen at a time when small portfolios will have been so frustrated by missing out on this entire rally, whether on Bitcoin, but for now, altcoins are quite flat. We have small awakenings that are very interesting on very targeted altcoins. We found some, we listed about ten together this morning with the community. Altcoins that are in truly explosive trends. We're talking about altcoins that have long ranging phases, that have technical configurations when we look at Glassnode, when we look at technicals, meaning Bollinger Bands, RSI, etc., that have configurations that are really extremely interesting and extremely bullish. Well, obviously, these people, when they miss out on movements of 10%, 15%, 20%, 60% gains, you can imagine they will panic, they will say, "I missed out on the entire rally, supposedly I was going to buy the bottom, and instead, I'm not buying the bottom. I'm left behind as I look at Twitter and everyone is making gains." And so these people will enter, and this will translate into a Fear & Greed Index that will go back to 60, 70, 80, 90, I don't know. But what we will see is exactly that. What we will see is a moment when the Fear & Greed Index, which for now is still in fear, well, fear at the limit, we're at 46%, but still fear, well, we should have, consequently, a recovery, a recovery of the buying trend, of optimism, of euphoria, why not, and of greed. To finish, above $75,000, we are talking about a zone of greed, and the problem with that is that generally, small portfolios get punished precisely at that phase. Now, we don't necessarily have to reach 85 on the Fear & Greed Index. We've sometimes reversed with Fear & Greed that was lower than that. But it's still... well, rather probable, given the current configuration, that at some point we'll have a reversal, a reversal of frustration, and that's what we'll need to monitor to be able to anticipate phases where we'll need to protect capital.
What's interesting is to see that, well, you see, I'm showing you the long-term picture. We are here at 1 year of liquidations. You see the liquidations we currently have above the price, between $80,000 and $83,000-$85,000. We have a second zone at $93,000. You see that they are comparable to major zones like we had at $86,000-$87,000, like we also had at $106,000. Very important technical zones that the market had a lot of interest in recovering. And what's interesting is that this zone, it's not like it's been there for months. It existed before, it intensified over time, but it intensified significantly since around April 24th, around the time we formed our double top. A lot of people said, "Well, that's it, $80,000 was our peak. I'm selling a lot, I'm significantly lightening my portfolio, and I'm taking short positions." And order flow shows us this very well. Order flow is the way to observe position taking on derivative contracts. And what do derivative contracts tell us? Well, they tell us that for a long time, we had a panic phase. We see it with funding rates hitting recurring lows during that entire phase where we were making recurring highs on the price. So, we had selling positions accumulating over time. What was interesting was that this happened during a period when open interest was rising and then purging, rising and then purging. In short, the typical behavior of Mr. X buying... well, taking a selling position when the price makes a new high. The price starts to drop, he's very happy. He doesn't close his long because for him it will go much lower. Then a short squeeze, liquidation forces... Mr. Mr. X finds himself forced to close his position, his stop-loss is triggered, or he is simply liquidated. The open interest that had risen finds itself falling, and we have a new stabilization. And Mr. Y, thinking he's smarter than everyone else because he wasn't liquidated, comes along and says, "No, actually, Mr. X was wrong, this is now the turning point." So, he opens a short position and waits for it to drop. It starts to drop. He's very happy. Then another bullish impulse. Mr. Y gets liquidated, and then it's Mr. Z who will take his place. This is exactly what we had during the entire period from the beginning of April to the end of April. Specifically, around April 20th, we had a behavior like this. Then, inevitably, people start to understand. After going through all the letters of the alphabet, Mr. X, Mr. Y, Mr. Z, well, inevitably, we end up liquidating quite a few people. All these people find themselves in a panic, so they decide to stop taking positions, and we find ourselves in a period where open interest becomes flat again. Open interest is flat, no new positions are being taken. Some buyers, some sellers are slightly competing for positions, and consequently, the price ends up being stable because there aren't that many people left to liquidate, neither upwards nor downwards. So we make small deviations, once upwards, once downwards, and we introduce a range phase, a short-term range phase, which, as you can see, we had for quite a few days. We oscillated between $75,000 and $79,500. We stagnated for a long time. What's interesting is to see that during that phase, we had a bit more buyers positioning themselves on derivative contracts with a successive rise in funding rates to reach periods with neutral or slightly positive funding rates. At the time, it was April 28th and 30th, 2026. Well, you see that during that period, we had a bit of positivity, a bit of a feeling of thinking, "Well, maybe we'll break through $80,000, maybe we're back in a bullish movement." And you see that ultimately, the double top that we keep talking about in this video... well, it did a lot of damage. It did a lot of damage because after this drop from $80,000 to $75,000, many people said, "Well no, that's it, it's certain, it was a trap, and actually, we're going to go back into bearish movements."
What's interesting is to see that on X, on social networks in general, we observe a rather troubling behavior because many people remain bearish, but we see that in reality, we are starting to have buying behaviors manifesting, otherwise Bitcoin wouldn't be going up. Because, in fact, people don't really admit to wanting to buy, they don't really admit to being caught by FOMO, etc., and so there's a bit of buying, but we see that influencers in general remain bearish, and I understand that. We are, despite everything, in a bearish trend if we look at the daily chart. Well, there's no doubt about it, on daily, we are in a bullish position, but we observe this cycle phase which is a bearish cycle phase. So, until then, until we talk about a bullish recovery phase and a long-term bullish recovery. Well, we haven't reached key levels, major key levels yet. We are reaching them precisely with the move above $80,000 and, above all, confirming this move above $80,000. We are confirming that there is a trend recovery, but for now, it's a bit too early to talk about a real recovery and a real potential bull run, etc. What's interesting is to see that the cumulative volume delta, which has been bearish for a very, very long time, particularly on perpetual futures, well, you see that during the entire bull run phase, it was negative because we had many people who protected themselves, who exited the market. And for some time now, well, it's starting to turn positive. And the same for spot CVDs, where we were struggling, we couldn't find buyers for a long time, well, for some days now, and we're not talking about a very long time, for about a month, we're starting to find a balance. People positioning themselves on spot markets are starting to become buyers, especially. We're starting to have a position that is rather favorable to buyers, and so that's extremely, extremely positive for the future. So, this period for me is extremely interesting because it's precisely what makes a dead cat bounce more or less probable. The dead cat bounce thesis, the cat's rebound, is to say that the advance we are experiencing and the expansion of Bitcoin's price is mainly a trap. So, is it a trap? Funding rates, in particular, tell us a lot. Here, we are on Binance. Binance, which is still a rather informed retail platform. Well, what we have is Mr. ... well, it's the typical profile of the person on Binance. It's someone who has been here since 2023-24, who started crypto around that time, or since 2000, since 2021, since 2020, who started crypto around that time, who is informed, who knows that Binance has quite low fees, it's relatively clean, regulated, etc. They opened an account on Binance and do a bit of trading on derivative contracts, etc. This person, this typical person, this trader avatar, well, you see that they are short, this trader avatar, you see it right here. Funding rates are turning negative again, but still strongly negative. Negative like we were at the time when we were at the $75,000 level. Well, you see that we are opening... the typical trader is opening short positions to bet on the downside, taking advantage of this Bitcoin rise, thinking that this Bitcoin rise is a trap and it will go back down. And we see positions that, through open interest, are significantly intensifying. Notably, what we've observed for a few hours now, specifically since May 4th, around 4 AM, you see that we had an increase in open interest of almost 16%, which occurred at a time when funding rates dropped sharply. What does this mean? It means that the 15,000 Bitcoins that were added created a sufficient imbalance between long and short positions to force exchange platforms to lower funding rates, to encourage long positions, and to balance these positions a bit. And that's why we keep making new highs. That's why since the beginning of April, we've been making new highs because the switch in investor psychology has occurred, and we are truly in a phase where the majority of traders are in a phase of panic and disbelief. They don't believe in this rebound. We have a real rally of disbelief. The actors who sold at $60,000, who sold during this range, who even congratulated themselves for selling at $72,000, at $75,000, at $63,000, who congratulated themselves for that, well, they are now starting to panic, to say, "Well, actually, they sold me the $35,000, well, we're closer to $100,000 than $50,000, after all." So at some point, panic is starting to set in in their minds, but the switch hasn't happened yet. So, we are truly in denial. And the rally that is happening right now is very, very fueled by this famous denial. Many people don't believe it, and to fully pursue their thesis, they are ready to take short positions at a time when technically there is nothing to encourage short positions. I remind you, since the beginning of April, we have been in an uptrend. You know the saying, "Don't fight the trend." I've repeated it countless times over the past weeks to my community. Well, yes, you shouldn't fight the trend. The trend is bullish. We have negative funding rates, a bullish trend, BlackRock buying, and spot and perpetual CVDs rising. How can you take a short position in this environment? Now, taking a short-term short position, I don't know, at $79,500 to get to $75,000, I have no problem with that. When we reach extremes, there's no problem with taking short positions. But that's not the same job. We're not talking about the medium term here, we're not talking about a medium-term trade, we're talking about scalping, we're talking about intraday trading. You open in the morning, you close in the evening, and unfortunately, that's not something most people do.
What we also observe in terms of macroeconomics is that we have very, very strong macroeconomics. We saw it last week, I talked about it to my community again, but the quarterly results we had for the Magnificent Seven, for the Big Tech companies as well, are impressive. We don't have the Magnificent Seven, but we have Goldman Sachs announcing more profit than ever. They have made more profit than in the last five years, not cumulatively, but a quarterly profit higher than the quarterly profits they made in the last five years. So it's truly a record. It's a record, and the Magnificent Seven are driven by this narrative on artificial intelligence, which is a narrative, certainly, but one that is starting to translate into reality. We are starting to see... well, layoff plans. Now, it's not good for employees. But it's quite good for shareholders and for companies that see their costs decrease while their productivity increases, and this at a time when, precisely, the phases of surprises related to artificial intelligence models are only increasing. We have Mythos, Anthropic's AI model, which will probably be unveiled soon. Well, there's a whole narrative around that, etc. You've surely followed it. We have... ChatGPT announcing a potential additional model to compete with Mythos. We have... Anthropic's IPO soon. Anyway, we have all this narrative that is driving the indices, and we see it at the macroeconomic level, but indices have never performed so well. We are at ATHs, whether on the S&P 500, it's even more striking on the Nasdaq, obviously, because it's largely driven by tech, but look at this V-bottom. Now, honestly, this is not a scenario I favored, far from it. When we had such a powerful rebound, I was waiting for confirmations before repositioning myself. You can imagine that after such a significant V-bottom, you wait for confirmations, whether they are driven by quarterly results, by announcements, by facts. And so, well, that's a bit what we had precisely last week with the quarterly results of these large companies. And so, what we also see are figures for PMIs, services, non-manufacturing PMI, ISM in particular, which stands at 53.6. Now, the figure is in red because it's slightly lower than what was expected at 53.7, but we remain very high. I remind you that above 50, we are talking about expansion and economic growth. The services PMI for April remains at 51, compared to 49.8 for March. So we are in a real, in a real bullish trend. We even have job creation. Now, for the moment, it remains job creation, and that's positive. That's positive because it shows that the US economy is very strong. We will have confirmation of this again, particularly on Friday, Friday, May 8th, we will have non-farm payrolls for April and the unemployment rate for April, which are figures that are obviously closely watched by investors because they will have an impact on several things, but especially on the policy of the US Federal Reserve.
So, you've certainly seen it, but Jerome Powell has been reappointed until 2028. Kevin Warsh, who was supposed to take office, has been sidelined for the moment, so at least that's what's planned for now. We see that the CME Group is betting on average, so the stakeholders of the CME Group are betting on the fact that we will not have any rate cuts or rate hikes by the end of 2027. So, over the next 18 months, we should not have any change in the US Federal Reserve's policy, neither tightening nor easing. So, no tightening, but no easing either. So, this is very linked to the fact that inflation remains quite stable. We are at 1.88% on an annualized rate. We see it at the level of the US economy, but it's holding up very well. Employment is holding up well, inflation is measured. There is no reason to change anything. If you are the chairman of the Fed, you don't want to alarm the markets. The markets are at their highest, you're not going to lower rates when the markets are at their highest. That would make no sense. But similarly, you're not going to raise rates when inflation is currently contained and there's no major reason, no fundamental reason to go for a potential rate cut. So, well, neither for a rate hike, forgive me. So, we are rather in this phase of waiting. We are letting the markets price in this narrative of artificial intelligence in a context where we are going back into risk-on mode. Oil is starting to ease a bit. You see that here, we are rather experiencing a significant drop phase in...
On oil. There, we are on the Brent barrel, so North Sea oil. You see that we have gone back into negative territory. So we have this famous compression triangle where we finally saw a fakeout with an upward breakout. We have made several supports precisely on this trendline. And finally, what do we observe? A breakdown, a breakdown with, at the level of American oil, so WTI, Texan oil, which is back at 91 dollars. That's it, we are finally at levels technically where we can say that we can project ourselves towards a return perhaps a little lower, a resolution perhaps, in any case, if it is not rapid, of this conflict, in any case of the negotiations. Perhaps a slight easing of the constraints that are being imposed around this Iran, United States, Israel conflict. And so, for the moment, this is exactly what the market is currently playing out. The market is playing out the risk-on mode. We are going down on oil, we are stabilizing on gold and silver. We are going up on American indices and on the majority of tech companies. We see that Apple is close to its breakout. We see that Amazon has made its breakout, very linked to the fact that we had exceptional results, notably in the cloud. We also have Google at its highest, 400 dollars per share with a V-bottom that would make any crypto envious. We are talking about more than 45% increase in the space of a month. That's quite exceptional. Microsoft is a bit behind, but we are still in a period where risk appetite is becoming very important again. Well, you see, I'm showing you a bit of the remnants of this morning's brief. So, I was explaining to them, I was explaining to them precisely this 250-period EMA in daily where we see that we had a retest on November 5th and November 21st, 2025, we had a retest of this 250-period EMA in daily. We managed to get back above it, to return to the top of the range, to the symbolic figure of 100 points on the DXY. And you see that we had a breakdown of this trendline. We came back for a pullback, to go down again, and well, that's unforgiving. Yes, no, I'm not going to delete them actually because that will delete my range. You see that well, here we have oil going down in a context where everything is going up. In any case, all risk assets are going up. Well, there's no doubt about it. We are in a phase where we are regaining risk appetite, and you know, the pyramid of risk, well, at the beginning you start investing in S&P 500 stocks, then in Nasdaq, then in small caps, notably via the Russell 2000. Then potentially now you will invest, at the same time as small caps, you will invest via ETFs in Bitcoin and then in altcoins. And so, the fact that we are gradually managing to move from liquidity pockets to liquidity pockets, well, that makes rebounds more probable for Bitcoin and for altcoins. And we see this, notably, with the crossing of this curve. So, short-term holders, you see that we had a realized price from short-term holders that was around 79,000 dollars, and we managed to enter a trend where we are managing to go above it, we are managing to go above this trend, and that's it, positivity has returned. So, it's really, it's really excellent news. It shows that the trend is strong. It was a major point of risk, and that's why when we entered at the beginning, well, I explained that it was necessary to be cautious and that one should not enter with the entirety of one's portfolio because there are risks, risks remain present. We are close to the short-term versus long-term holder. At the fractal level, well, we've talked about it quite a few times, but you see on the 4-year cycle, we are not yet at our bottom for the potential period between October 6th and 16th, 2026. If we believe that the 4-year cycle is still valid, and that, well, you see, it must be acknowledged that the price top that had been defined in October 2025 was indeed reached. So, if we believe that, we also believe in the thesis that the low point has not yet been found. And so, there are indeed looming shadows, and that's why I am not invested 100%, but there are still a lot of things aligning in a context where, well, as you've seen, macroeconomically, we are rather very well oriented, we've seen it in derivatives contracts, we are rather very well oriented. We've seen it in terms of flows, whether via on-chain analysis concerning BlackRock's portfolio, but also at the whale level, the whales that are accompanying this movement. We saw it at the level, so I had spoken to you about derivatives contracts, but you see it here on the funding rates across all exchanges. We are at a low point comparable to what we had after our crash at the 60,000 dollar level at the time. So, we really have an extremely bearish sentiment. We see at the Coinbase Premium level, the basic investor, well, basic in the sense, not in a pejorative sense, but the beginner who starts with Coinbase and so on, who opens an account via Coinbase, well, you see that they are currently in a phase where they are taking profits, where they are selling because there is denial, there is disbelief. We don't believe that this rally could potentially be a real rally that will take us higher in the coming weeks and days. We see a major change at the USDT market cap level. At the USDT market cap level, we have a significant return of stablecoin monetary printing. We have liquidity arriving on the crypto market. We have more and more of it, and this is especially something that hasn't happened for a while. It's been a while since we entered a growth trend with, in absolute terms, a positive printing over the last 60 days. In fact, the last time we switched to this phase was in October 2023. And well, I don't want to sell you a dream, but there was quite an explosive phase that followed. So, it's still something notable and something that should be taken into account in your strategy. There is no problem with changing your approach when the market gives us confirmations that it hadn't given us a few days, a few weeks, a few months ago. What we are still observing is the exchanges, the bitcoins leaving the exchange platforms. We see it progressively. The more time goes by, the more we manage to find a balance between buyers and sellers, and in fact, even an imbalance favorable to buyers. That is to say, we have very little supply and a lot of demand, or at least a demand that is starting to build, that is becoming more and more intense, and a supply that remains contained. And so, we manage to create this famous imbalance. More demand than supply equals a price that goes up, quite simply. And at the level of realized profits, we also see that realized profits remain quite contained for the moment. Of course, there is profit-taking, we won't deny it, but that's obvious. I mean, anyway, you see it, during all the upward phases, we started to have profit-taking while we were far from our peak. But that's quite logical. When you have profits on your portfolio, you take profits on the rise, and those who don't usually end up regretting not having done so previously. So, at the accumulation trend score level, however, that's also a small shadow on the picture, we don't yet have a real return of whales. So, it's still a bit early. After all, it's always the same, if you have 8 confirmations out of 10, you will expose x% of your portfolio, and when you have 10 confirmations out of 10, you will increase the exposure of your portfolio, and gradually, if confirmations turn in the other direction, bearish confirmations, well, you will reduce the portfolio. That's the principle of risk management. That's precisely what I explain in my investment circle and what I also explain in my manifesto. I offer those who wish to download my manifesto and an e-book of nearly 90 pages. It's a very, very large amount of content that I'm making available to you for free for those who wish. You can get it simply by clicking on the links in the description. So, you will find that link, and within it, I talk about confirmations, risk management, etc., it's paramount. And what we see here via the accumulation trend score is an accumulation that, for the moment, is quite timid. So, obviously, we are at 0.18. Of course, it is expanding, we were at 0.13, then 0.14, then 0.15, then 0.12, then 0.18. So, we have a little bit of accumulation, but it's completely incomparable to what we could have had in truly clear and unambiguous confirmation moments. For example, precisely in the period of October 2023, we had accumulation trend scores that were 0.5, 0.6, 0.7, 0.8, then 1, quite simply 1. So, very intense accumulation from large portfolios, since you know that this indicator is constructed by looking at all orders placed on the blockchain and looking precisely at the weight of different orders. If you have very large buy orders and many small sell orders, we will consider that we are rather in an accumulation phase because the big players are reloading. And if we are in a phase where many small portfolios are buying but large portfolios are selling, then we will consider that we are rather in a distribution phase. What we also observe is the miners. The miners who have just completed, notably during the period of $67,000 to $75,000, a period of massive accumulation of tokens or at least conservation of tokens, meaning that the bitcoins mined by these cryptocurrency miners were conserved. Thinking that if you conserve your bitcoins at current prices, it means you think that in a relatively short time horizon, we are talking about a few weeks, a few months, a few quarters possibly, you will very certainly have prices higher than those you currently have, and therefore you are conserving your bitcoins. What we observe is a small release of bitcoins. So, of all the bitcoins that have been accumulated in recent weeks, well, now we are starting to sell a little bit. It's quite small for the moment, but it's still notable to see that the accumulation we had in recent weeks was practically, as you can see, comparable in intensity to the period of January 2023 when Bitcoin was worth $17,000. It was relatively equivalent to the period when Bitcoin was worth between $20,000 and $30,000, between May 2022 and August 2022. This doesn't mean it's the ultimate bottom. You see, miners had started to conserve their bitcoins before the low point. But it does mean something. It means that the truly central actors of this blockchain, of this market, estimate that Bitcoin is currently undervalued compared to its medium-term price in the future. So, that's interesting. And the last aspect I wanted to discuss with you was the open interest part. So, the option, the open interest on options, so the options markets, you see it with a ratio that is decreasing. So, the put ratio, meaning that the puts, which are the numerator of this ratio, sum up the positions taken by investors in the options market who are betting on a decrease, and calls represent the positions of investors in the options market who are betting on an increase. So, when this ratio decreases, it means that the denominator becomes larger or the numerator becomes smaller. And well, that's exactly what we have, this ratio decreasing, it shows that calls are increasing compared to puts, and therefore, on the options markets, investors are betting, it's an options market, so they are betting or hedging against a potential significant rise in Bitcoin in the coming days, weeks, and months. So, that's a little bit where we are. Obviously, we have a lot of interesting things on altcoins. Well, that's it. I'll tell you about one, it's the little gift. I like to give a little gift to those who stay until the end of the video. Virtual USDT. Well, it's a crypto that I shared not too long ago with the community. Obviously, you see that we are in a phase, and this is the case for quite a few cryptos, well, completely horizontal. You see it here, we have broken supports, and for some time now, we have been completely horizontal in a zone that is, well, completely interesting, extremely interesting. We see it at the level of the recharge zone of the previous movement, we are at the 0.886 Fibonacci level from the entire previous movement. At the RSI level, we will see it at the RSI level, we have a trend that is, well, simply magnificent. We have a momentum that is extremely bullish with highs on the RSI, W's everywhere that show that during this period between the beginning of February and the beginning of May, we had a long period that lasted all of February, all of March, and all of April. 3 months of intense bullish buying with bullish momentum with Bollinger Bands, and we will see it, whether on a daily time frame or even on a 3-day time frame. Which is, well, quite rare. You see Bollinger Bands that are extremely tight. You see here, we have Bollinger Bands that are extremely tight. We are talking about 20% amplitude between the upper and lower bands on a 3-day time frame for an altcoin that is, in this case, Virtual, among the top 80 or so. So, it's really, really exceptional. It happens quite rarely, and that's why, notably on Virtual, well, we shared the signal a while ago on the community, and so it's a position that we must currently be up by, I think we were around 74 cents. So, an increase of about 15%. That's what we're talking about. This is part of the small altcoins that I have under my eyes and that I'm watching closely because, for me, it's precisely these kinds of altcoins that will need to be monitored. Obviously, here, I'm only talking about the technical aspect. We have obviously discussed the on-chain analysis aspect, for example, let's look at Virtual, the cost basis distribution where you will observe precisely, well, on Virtual, here we are on Bitcoin. On Virtual, we will be able to observe the positioning by certain portfolios. So, this will be important. We will also look at the supply held by the top 1%. You see a supply that is constantly increasing. So, that means that since Virtual has been falling, we still have large portfolios, the top 1% of addresses that own the most Virtual tokens, who are conserving their tokens. And not only conserving them, but also accumulating them intensely. So, this will be part of the things we will look at, the NVT signal, in short, many things. And so, that's exactly what we do in the investment circle, which is to be able to identify all of this to surf these waves and to take advantage of these kinds of movements so as not to find ourselves blocked by having to buy back much too late. So, I'll stop there. Thank you. I hope this video was enjoyable. If you want to learn more about this investment circle, don't hesitate. I remind you that I am individually certified. I am certified by the AMF, the French Financial Markets Authority. So, I passed the knowledge exam that allows me to have in-depth knowledge of financial markets and also of the current regulations in force. So, please don't hesitate if you wish. You can also contact me via Telegram or even discuss via my website, the link to which is in the description. You can discuss with my chatbot, on the website, which can guide you on certain points if you have questions that you cannot find information for in the FAQ. In any case, don't hesitate. I thank you, I wish you an excellent weekend, and we will meet again soon in a new public video on the Medusa channel. Thank you. Goodbye.