Transcription
Bitcoin is at 71274 dollars and in today's video, we are going to discuss a lot of indicators. I have some super interesting things to share with you. Uh what is surprising is that these are charts that I don't see anywhere else. So, perhaps because I am the only French speaker subscribed to the Alfractal platform, which is truly hyper hyper innovative on the subject of on-chain analysis and Bitcoin technical analysis. So we will look at all of that. We will start with graphical analysis, talk about technical analysis, on-chain analysis. We will look at what is happening on derivative contracts, on macroeconomics. You will see a lot to say. Okay? So on Bitcoin, we see that we are already on a support level that we have been working on for now 48 days. This support level of 71,000 dollars, you see, it's been 48 consecutive days that we have been around these price levels. So, we have had deviations a bit above, a bit below. We came to test our bad range at the level of 63,000 dollars. We came to make a first deviation at the level of 74 then 76,000 dollars. You see that we really really have a compression of volatility. We said it, after the massive drop we had from 98,000 dollars down to 60,000 dollars. I remind you that it's still a very significant drop in Bitcoin's price of 38%. 38% in one go is still very violent. Uh it lasted quite a short time. I remind you that to drop by 40%, we took less time than we took twice as little time as for this range phase. So obviously, it took time to consolidate all of that, to bring all the oscillators back to normal levels, to compress the Bollinger Bands which were very very wide apart. If I show you the Bollinger Band width indicators here, you will see this, but we had Bollinger Bands that were very very tight. and we are returning to compression levels that are more or less normal. Here, we will have to try to be vigilant because we see that we have Bollinger Bands that are starting to be parallel and this indicates that we potentially have a return of volatility that could happen in the coming days or in any case in the coming weeks, not too long from now on the daily timeframe. What is interesting, we will switch to Ichimoku, is to see that we are currently in our Kumo. So the Kumo, it's this kind of cloud between the Chiku Span A and the Chiku Span B that you see right here. I will remove the Bollinger Bands. So you see right here, we have an interesting piece of data that shows us that we have a compression between the Tenkan Sen, which you see here in light blue, and the Kijun Sen, which you see in gray. We are compressed and we see very visually that the price is really compressed in this Kumo between the Tenkan Sen and the Kijun Sen. So there is really a major level of indecision. We have buyers and sellers who are well present. We see it here with the buying pressure and the selling pressure that is starting to balance out a bit. You see it right here below. You have the price in white, you have in green the buying pressure and in red the selling pressure. We had big spikes with a lot of selling pressure, little buying pressure, which caused us to have a compression. Then uh we had a price drop as a result. Then, we had levels that balanced out and since around February 26th, so it's been about 1 month, for a month, we have a pressure that is also slow but rather neutral. So at times we have a bit more buying than selling. So the price increased precisely up to 74,000 dollars. Then selling pressure intensified when we recovered the 76,000 dollars which rejected us and sent us back to 67,000. So you see that it is quite interesting to see the moments when on bullish spikes, we have major buying pressure that shows that we have real demand and real buying that supports this pressure, this buyer movement. And from time to time, well, it's the opposite. We have neutral buying pressure, intensifying selling pressure which at times reduces to make way for buyers. But here, we mainly had sellers who said "Well, I'll let it run, I won't reposition myself, I won't take profits right away, I'll wait to see where Bitcoin takes me." And so this selling pressure has diminished, and as soon as we had a slightly deeper drop, well, you see the selling pressure that has come back up and has surpassed the buying pressure. Well, that's what we find, and Ichimoku shows us this very interestingly. You know that Ichimoku was calibrated for the American market, the Japanese market, sorry. Uh so, what is interesting is that at the time, the Japanese market was closed on weekends. So, I use these parameters for Ichimoku which are actually adapted for the crypto market, which is quoted 7 days a week, 24 hours a day. So, from a graphical point of view, we are still at levels of neutrality that invite us to be very cautious. There is no clear direction. You see that we are on the median of the Bollinger Bands. We are at a level of oscillating precisely above and below this support-resistance level, which is the 70,500 dollar level. We are working on it again, and for the moment, there is no clear direction. What is interesting is to see that this is happening at a time when the S&P 500 is starting to panic. We see it because, well, we have a bearish trend, but if you draw trendlines, you will see that the trendlines are increasingly, increasingly bearish, they are increasingly oriented downwards. And this means something clear and definite. It means that we have a phase of convexity. It's an exponential that is being drawn with a trend that is rather accelerating downwards. And despite Donald Trump's speeches, who sent us on Monday with a potential agreement between Iran and the United States on a potential ceasefire and so on, well, we see that the market took it well at the moment and that in fact, well no, the market took it well for a few hours and then it plunged again after recovering the highs of Thursday at 6650 points. You see that for the moment we are held by this 250-period EMA on the daily, that we have recovered the liquidity below the low of 6520 points that we reached at the time on November 21, 2025. And after recovering this liquidity, we had a small rebound, but for the moment it looks much more like a pullback in a bearish trend. Donald Trump announced that he potentially, that he gave Iran 5 days to potentially decide to reopen the Strait of Hormuz, which for the moment does not seem likely on the Iranian side, since the Iranians specified that there was no direct or indirect contact with the Trump administration. So, rather bad news for negotiations in a phase where the main insiders of the American market, so here we are on the S&P 500, you see a table. Red is sales, orange is proposed sales, where we see directors, officers, chief executive officers, so CEOs, general managers, etc. in S&P 500 listed companies who are massively selling. It's been a very, very long time since we've had such significant sales on the S&P 500. And this is linked to something. It's linked to a sentiment of fear, to this deteriorating macroeconomy. We see it here, the Fear Index, but this time for the S&P 500. You are used to having the crypto Fear and Greed Index, but here we are on that of the S&P 500, and we have reached levels of 15. So these are levels of extreme fear. However, these are not necessarily bottom levels. The bottom levels on the S&P 500 are very, very low. We are not very used to it in crypto, but the Fear and Greed Index that Alfractal offers us on the S&P 500, we reach it when we reach fear levels between 0 and 3. So 0 and 3%. Here, we are reaching levels of potential, potential rebound, and [grunts] this is what we had at the time in May 2022. This is what we also had during the Covid crash in March 2020. This is what we had in 2018 at the time on the fears of recession and trade war with China. So for the moment, we have not yet reached that level. We reached it briefly at the time, precisely in November 2025, and that was our local low before moving back up. But for the moment, we are not there yet, and likely [grunts] therefore, we have not yet reached our bottom, and the curve we see being drawn, the creation of a bearish exponential, well, for the moment, there is no sell-off, we agree, there has not been a massively red week on the S&P 500. You see that these are weeks of decline, but they are rather contained. There hasn't been yet, you see, a real drop like we had on the week of March 31st, a big big red candle printing massive loss taking. Well, what is interesting is to see that Donald Trump has given 5 days from Monday to reopen the Strait of Hormuz. Why 5 days? Because the stock market week lasts 5 days. So likely our friend Donald Trump, who may or may not be your friend, I don't know, but who decided to give Wall Street a week's reprieve to potentially lighten everyone's portfolios. So likely, if he announces something on Friday, it will probably be bad news. You know that Donald Trump has rather accustomed us to announcing bad news on weekends because during the week, he prefers to calm the markets, and therefore he announces good news on Mondays. So here the good news was a potential agreement on the end of the conflict and the reopening of the Strait of Hormuz with Iran. He announces this to us on Monday to manipulate the market. He leaves us in calm for the entire week. And then at the end of the week, we go back to negative news after the market close on Friday. So I am very, very vigilant about what will happen because it is likely to happen as in previous weeks. You see that it's starting to last, it's been quite a few weeks that we've been in this same rhythm. So if we look at the ETFs, you see that the ETFs are not printing bullish candles. We see it a bit on Glassnode here, but here you have the ETF flows in a histogram, and you see that it's going down. We have a compression of flows, it's not selling, it's not buying. Those who believe in this bullish movement have positioned themselves, those who believe in a bearish continuation have positioned themselves, and for the moment there is waiting and we are waiting for a resolution in one direction or the other. And this is what makes me lean towards a potential sell-off that could happen in the financial markets, particularly on the S&P 500 and the Nasdaq, which are for the moment a bit suspended at major support levels. But we are not very far from a break on a macroeconomic event, a geopolitical event that could tip this into a famous convexity. You know, if you have read "The Crowd: A Study of the Popular Mind" by Gustave Le Bon, well, you know that crowd movements are quite chaotic, they are quite difficult to predict. So there are many models that exist, but convexity is something quite complex. Convexity is what causes us to reach an exponential at some point where we break that exponential. The crowd, we have an inflection point that causes the crowd to chain in the same direction. You have one person running in one direction in the street, then a second, then a third, and suddenly you have an exceptional crowd movement. Well, this is very interesting to see from what point we reach this phase of acceleration and whether the news we will have on Friday, I don't know what nature it will be, but if it leads to a bearish movement, the risk is precisely that we have reached this inflection point which could trigger the famous sell-off. In any case, this is what I expect. And so, as always, risk management in a risk management logic, you must be able to adapt your portfolio according to the situation. If you have risks, being invested 100% makes no sense. If you have enormous upside opportunities and a very interesting risk-reward ratio to the upside, you have no reason to position yourself downwards and in that case be invested at 0%. This is very, very important to understand, and it is truly the core of investment. Not just in crypto, but it is obviously paramount in crypto, given such a volatile asset. So Bitcoin is currently stabilizing at the 71,300 level, and we will look at it. We have a very important liquidity zone below us between 64,000 and 61,000 dollars. We see that we have a majority, you see 56% over the past month of positions that are buyers. So we have a majority of liquidations to recover on the downside. What is interesting, however, is to see that we have almost an equilibrium, we are at 56%. So we still have a lot of sellers. Sellers have their main liquidity zone between 76,000 and 79,000 dollars. 79,000 dollars remains a zone that could potentially be reached. We saw this notably with Ichimoku, which is this famous level of the Chiku Span B, which is at 79. And if we look, well, this is the weekly Ichimoku where we see this famous Tenkan Sen which is also at 79. So there is really an interest for the market to recover this 79,000 zone. It is important to look at different scenarios. I told you that my preferred scenario is a bearish scenario, but that does not mean that I am not looking at the bullish scenario and preparing for it. Because if the market decides to go and recover the liquidity at 79,000 before making a bearish move, then I would need to be prepared to ensure that I don't encounter any setbacks in my portfolio. So this is obviously what I will be looking at in terms of pressure. Now, we talked about M2, this is something I wanted to talk to you about. We often talk about liquidity. I have my colleague Hil, who is also a YouTuber, who talks about it regularly. It's this famous global money supply, the dollars in circulation on Bitcoin and on global markets. M2 is really the dollars in circulation. It's the printing press that is reflected in this indicator. If I zoom out, you will see that we have fairly regular cycles of significant monetary printing, such as during the Covid crash to support the economic crisis. We had very strong printing. We then had quantitative tightening phases in 2022, where global liquidity generated a pullback. So here, we are looking at global liquidity. If we look at the United States, you will perhaps be more familiar with this curve with quantitative tightening that extended from around March 2022 until October 2023. Then we had a bit of monetary printing. This does not mean that we have stopped the quantitative tightening phase, but that the dollars in circulation in the United States have continued to flow in, particularly through debt. And here, it is interesting to see that for the moment, we have stagnation. There is no surge like we had from March 2020, where we had a very significant increase linked to this recession, the famous US recession that you see here between February 2020 and March 2020. You know, the famous two consecutive quarters of GDP decline that indicate we are officially in recession. Well, this is what we had at the time in 2020, during the Covid crash. And what is interesting is to see that at that time, we had very powerful printing. And so, if we look at the 30-day variations, we had a very significant bullish spike. We had a very significant increase in printing. And so when we look at the 30-day changes here, so we will look at what the monetary printing was 30 days ago and what it is now. And we calculate the delta to see if we have an acceleration of printing or a reduction in acceleration. And what is interesting is to see that on the global supply, so the total money supply in circulation, and when we look at this indicator, we see that bottom phases are almost systematically found in phases where we have significant monetary inflow. This has been the case for a long time, since 2015-2016. This was the case in 2020, it launched the rally. This was the case in November 2022, it precisely set the bottom. And for a few months now, this is obviously something we are watching because when we had the approval of Bitcoin ETFs, we had at the end of 2023, beginning of 2024, a significant increase in this liquidity, and this contributed, along with the approval of Bitcoin ETFs, to allow us to have access to this, access to significant monetary inflow directly from traditional finance. This was the case at the time of the 2024 bottom. In August 2024, we had very significant monetary printing that constituted a bottom phase. This was the case during the April 2025 period when we were at the 76,000-75,000 dollar level. And you see that right here when we set our bottom at the 60,000 dollar level, it happened on very significant monetary printing. Except that unfortunately, for a few days, a few weeks, and unfortunately, YouTubers who talk to you about liquidity, well, they may have, in any case, the bullish YouTubers may have forgotten to mention it. Well, it happens. Uh, it's perhaps not in bad faith, but you see that this is a bad sign. We really have a decrease in liquidity. Now, I might seem like a perma-bear because I've been saying for a long time now that I'm bearish. But it wasn't always the case, and I'm looking forward to the next bullish movement. In any case, for the moment, we don't seem to be ripe for it yet. with this reduction in global liquidity, it's really not a very positive context for printing green candles one after another. I also show you the funding rates, the financing rates on CryptoQuant, which aggregates the funding rates on the main exchanges and which shows us a return of euphoria. Unfortunately, euphoria is present at a moment, and I will show you with this chart that we have apparent demand, so demand for synthetic Bitcoin. You will look at retail, whales, MicroStrategy, ETFs, everyone, and you will sum it up. Are we rather in a phase where we have a buying trend or a selling trend? And you see that the rebounds rather take place at moments when we have apparent demand that is in strong expansion. In any case, the 30-day variation is in strong expansion. What is surprising is that, in fact, what is important is to see that for the moment, we have a fairly moderate but constant decrease in apparent demand. So people are continuing to leave this market, people are disgusted by this market and are giving up, whales are lightening their portfolios. This is the chart you may have seen. This famous chart, you see whales who have lightened their portfolios in recent days and weeks. And this happens at a time when retail investors have not yet returned. You will see on the chart when it loads here, here, we are still in the red for retail. So retail investors are for the moment in a phase of negative demand, so in a phase where they tend to offer, to sell their Bitcoin rather than to try to buy it. And this is obviously a bad sign. An asset only grows through the delta between buyers and sellers, a positive delta. We want more buyers than sellers for the price to increase. And for the moment, unfortunately, this is not the case in a context, I told you, where funding rates on derivative contracts remain very high. We had a very significant increase yesterday with this supposed good news from Donald Trump on a potential resolution of the geopolitical conflict between Iran and Israel, the United States, well, we had a very significant increase in funding rates which shows that there is euphoria visible on derivative contracts. So, I take this opportunity to talk about my partner Bitunix, who is my exclusive partner. He is the only partner I work with and who hosts my copy trading strategy, which is my short-term strategy, accessible to our members of the investment circle. So I take this opportunity to give a quick review of last week. Last week, we took a few trades that went rather well. You see two winning trades, two losing trades, but ultimately, a 50% win rate still allows us to generate a return on investment of about 3%. So, it's not bad for a week, it's rather good. A strategy that went rather well. You see, the advantage of Bitunix is that the liquidity is really sufficient, it's really good. This allows us to position ourselves quite quickly and effectively by minimizing slippage. You know that this is one of the main risks, slippage on trading platforms. You trigger your order at $70,000 and it's executed at $75,000. So in the end, you lose performance a lot because of that. So you see, we had triggered a short position right here, on March 18th, just after the break of this famous triangle that we had identified. Now, it's the strategy that manages this totally algorithmically. It's an algorithmic strategy. I don't trigger the trades, but you see [grunts] so this trade was triggered in the evening. Then we had a closing of the trade on this wick. You see, boom! It was executed at that moment at the 68,000 level. So we were able to make a nice trade and then we almost instantly took a short position again which was finally closed again right here. and which had turned bullish again at that moment. We had turned long again precisely here at 68,000 and and then right here, we were able to close the trade positively and switch back to a bearish position. And so, we had chained a 2% trade which finally, and then we closed the position again with a decrease, so a loss of 1.4%. So, it's not magic, there are losses, there are gains, but you see that it's a strategy that works well and is hosted on this Bitunix exchange, which I appreciate a lot in terms of liquidity, ergonomics, etc., it's quite simple to get started. So, if you want to join, you have the possibility to join the Bitunix exchange via my links in the description. And you also have the possibility to get my free technical analysis training directly in the links in the description if you register on Bitunix. And for those who want access to this short-term strategy, well, that's on the investment circle side. So, don't hesitate if you have questions, you can contact us via Telegram. I wish you an excellent video. So, I'll delete all of this. I was just talking about it with my investment circle members. We had a check-in just before you, a one-hour check-in. So, so, as every Wednesday, and you see that what we talked about is a cumulative volume delta that has strongly increased on derivative markets, on derivative contracts, and on spot markets. We have a decrease, we had a massive decrease, and now we have stagnation for quite some time, and you see that since our bottom here at 60,000 dollars, the price has increased since we are now at 71,300 dollars, and yet the CVD has continued to decrease. There is no real demand on spot markets. People who actually connect to Binance to deposit money and click to buy Bitcoin on spot, they are not present, they no longer exist, they are no longer there. And this is visible in the views of the main YouTube influencers. They are only decreasing. They have been decreasing for quite some time. It's been a really long time. If I show you Hall, you see that we are at lows. In fact, we have almost never reached these view levels on the main YouTube influencers. And this, obviously, is a bad sign. It contributes precisely to this apparent demand which is very, very low. And so, if I go back to my Orderflow, you see that the funding rates are positive, they are in the green, they are higher than they were when Bitcoin was at the 66,000-63,000 dollar level, about a month ago, on February 21st. It's been a month since we've had such a bullish sentiment on Bitcoin, and unfortunately, this is not a good sign. A bullish sentiment rising at a time when we are at a major resistance level is a bad sign. You see the famous support level that I was drawing and that I just removed, which we were discussing with the private community. So you see here, we had tested the 71,500 dollar level for quite some time. We had a first deviation at the 74,000 dollar level on March 4th. We had a second deviation on March 13th. A real deviation. We had really settled above at the 76,000 level. Then we hit it on March 20th, then hit it again, and so on. So you see that we have been working on these 71,300 dollar levels for quite some time. And this reminds me of something we experienced at the time, which was the 111,000 dollar level. 111,000 dollars was right here, the 111,000 dollar level. It served as support for quite some time. We had a first deviation, a real higher deviation for a few days. At the time, between October 26th and October 29th, we went up to 116,000 dollars. A first drop, we came back to the contact of this level, and then we had a drop, a small lateralization, and a second violent drop. In any case, here, the technique says danger. The technique says danger. We have a real trendline for quite some time that is materializing. You see it appear on the screen right here. Formed by the lows of February 6th and February 24th, which were respectively at 60,000 and 63,000 dollars. And so, seeing this trendline that encourages many buyers to position themselves for purchase as soon as we return to contact with this trendline, well, potentially this could trigger the famous liquidation cascades that could materialize with a return to 64,000 to 60,000 dollars within the next few days, the next few weeks. Having stagnation, a small rise, etc., is entirely possible. We have liquidity above our heads between 71,000 and 72,000 dollars. So recovering this liquidity is entirely probable, and it's not a scenario I exclude at all, but as you've seen, overall, we are rather bearish. On the macroeconomic level, we have had some interesting figures on manufacturing PMIs and services PMIs. We will have a bit more information next week because we have a lot of information on job creation, retail sales, manufacturing PMIs, the ISM, which will be very, very important. We have maintained the level of 52.4%. 52.4% because it's an indicator out of 100. The 52.4 points of the ISM, in any case, have been maintained above 52. This is now two consecutive months that we have been above 52. Will we manage to maintain a positive March? Honestly, it will be difficult. It will be difficult. Geopolitics has gotten mixed up in all of this. You may have seen, but we have shortages everywhere for oil, gasoline, etc. In China, there is a total ban on fuel exports. In Thailand, it's a halt in exports, rationing. Vietnam is asking for carpooling and remote work. Many countries are rationing through quotas at the pumps or QR codes. In short, it's starting to get tense. We have an oil market that is really starting to get tense with a return to 85 dollars a barrel for WTI oil, Texas oil. Well, you see that we are back to 85 dollars and that for the moment we are stabilizing. So this famous support level that we have been working on for years, I can tell you now, for years, it's been since 2021 that this level has been worked on by the market and that it exists and that it is important. Well, this level, which we touched on October 25th, 2021, which we touched on October 24th, 2022, also in September 2023, in April 2024, etc., for the moment, it is a support level. It's a support level that was a resistance for quite some time. Now it's a support level. We have potential major recession risks, and this is what is happening.
The market is currently pricing in. We see it here with an inflation that has largely risen. At the level of 1.68%. And if we look at the aggregate, you see that we are at inflation levels practically at the TH. We have practically never had such strong inflation, in absolute value. If you look at the price of this or that product, if you aggregate the price of different products a little, you will see that we are at very, very high levels. So it's becoming a problem because if we look at the CME Group's predictions, we see that there is potentially an increase in rates predicted for the coming weeks and months. So Jérôme Powell told us at the next meeting, at the previous meeting, pardon, he explained to us that he was monitoring the evolution of prices, the evolution of inflation, and the evolution of the geopolitical conflict between Iran and the United States, but that for the moment, he was maintaining his potential pace of rate cuts with a rate cut planned by the end of 2026 and a rate cut in 2027. Except that CME Group is rather predicting a potential rate hike that could happen as early as the next meeting. We have a 6% probability of a rate hike at the next April meeting. Well, you'll tell me that's very low, certainly, but we have especially a 25% probability of a rate hike by October. That's a lot, 25%. One chance out of four is still very important. And the market, that's why it's pricing this in. The gradual increase of this percentage means that we have people who say "Well, okay, if rates increase again, it will be complicated for the stock market because companies will have difficulty financing themselves. It will reduce their profits, and so I might want to lighten my portfolio a bit. If I had 5 billion in my stock portfolio, I might go down to 4.3 billion. I don't know about you, but you have people who will come and lighten their portfolios, and that's why we currently have a decline. It's gradual because the increase in this percentage is gradual. But as always, we have a Mister Market, if you know this analogy with the market that is very, very emotional, we always reach a point where the market becomes irrational. Both upwards and downwards. This was the case with silver prices where everyone told me "Yes, but you understand, central banks are buying a lot of silver or gold, so of course it can only go up. We won't have a decline comparable to other bear markets of 1980 or 2011, etc. Well, we have to acknowledge that for an asset that is supposed to be a store of value and a low-volatility asset, a drop of 26% in the space of about a month and a half, 2 months, is still very, very significant when you lose 26% of your portfolio. 27% in 50 days is still very, very significant. Even in crypto, that's a lot. So, you can imagine on a market as capitalized as gold, which is worth between 20 and 30 trillion dollars. So, from my side, this goes in the direction of a potential future decline. The fact that we have macroeconomic news that could deteriorate in an environment where Jérôme Powell's next statement will be closely scrutinized by the markets. He told us at the previous meeting that everything would be fine, that we were maintaining the pace of rate cuts. If ultimately we have a rate hike or a slightly different discourse, I'm not increasing, I'm not cutting rates, but I'm not increasing rates, but it's possible that I will cancel the rate cuts of 2026. Well, the market will readjust and read between the lines. If Jérôme Powell, who is trying not to alarm the market, is saying that there is a paradigm shift and that he will potentially change his policy from dovish to hawkish. So a policy that was rather monetary easing towards monetary tightening, then potentially this could have a major impact on the market.
The liquidity is still absent. We have whales who want to position themselves at the level of $64,000, which corresponds to our famous cluster that we had identified on the liquidation cluster right here. Well, that's good, we have whales, hop, we'll see it again right here. We have whales trying to buy it. We have a large cluster obviously at the level of $60,000. You see it, right here, the $60,000, we have practically $50 million in purchases already programmed and purchases for some time now. You see that the purchase line at $60,000 for $30 million is already positioned for 314 days. So that's starting to be a lot. I see you coming, those who say $30 million is ridiculous, it's nothing, I agree with you. But these are very likely iceberg orders in one direction or the other. Iceberg orders, they are precisely you put 30 million but in reality you have 2 billion and you will buy in batches of 30 million and when the first 30 million batch has been bought, the second 30 million purchase is made instantly and probably the one who set his purchases at 30 million here, he put a little at $59,000, at $58,000, at $57,000, and so on gradually. That's why we have so much monetary mass being bought at key levels of 60, 59, 58, 57 with limit orders that are already positioned. Because if you have $200 million to invest in Bitcoin and you say, "I'm not in a hurry, what I want is to buy the bottom or buy not too far from the bottom," then you will buy, you will do what is called averaging down, so averaging down your purchase prices and your entries by making sequential entries every $1,000, every $500, and so on. So that's a little bit of what's happening. We have long-term holders who are starting to reposition themselves. So this is rather bullish, even if it's long-term bullish because long-term holders tend to buy during phases that are sometimes very long. You see they started to position themselves back in August 2022. That didn't prevent the Bitcoin price from dropping by 40%. So it lasts a long time, but it's practically the only cohort that is buying, along with MicroStrategy. For now, everything else is rather selling.
So, I'll stop there. I hope you enjoyed this video. If you appreciate this kind of content, know that this kind of analysis is available in a more advanced version and is carried out almost three times a week in our investment circle. We are still very active. I obviously share my personal transparent exposure. Every time I buy or sell, I indicate it in the investment circle. I also explain what I buy and what I sell in proportion to my portfolio, so that you can have an educational overview of the application of my educational discourse in practice, so that you can know for yourself, depending on your environment, your time horizon, your knowledge, your risk aversion, etc., so that you can adapt all of this to your portfolio. So, if you want to take it to the next level, to be accompanied from a training and educational perspective, if you really want to progress and have access to indicators that are paid, you see here we are on Glace Node, well all of that is third-party, so it's only accessible when you pay $120 per month. Alfractal is the same, about a hundred euros per month. So obviously having access to all of this is a huge added value. It allows you not to navigate blindly. So, if you are interested, don't hesitate. And otherwise, you also have the option to subscribe to our online newsletter, which is 100% free. This newsletter sends you an analysis in your email inbox once a week with this kind of indicator, etc. So, thank you, I wish you a good week, and be careful with your portfolio. Goodbye.