Bitcoin Buyers Are Hungry

This is the most significant Bitcoin news I've seen for some time now:

Bitcoin Nears $9,000 As Crypto Buy Orders Compose 92% of Market

"For the first time since March 2017, buy orders now compose over 92% of market activity. Hot on the heels of a massive $120 billion recovery, the massive surge in buy orders heralds an impending bull market that could potentially exceed the monstrous late 2017 run up.

Data from TurtleBC demonstrates that cryptocurrency buy market percentage across a diverse range of coins including Bitcoin, Ethereum, Ripple, Dash, NEM, and money is currently at a massive 92.86%, greater than the December 2017 high of 88%." -- S. Town

Bitcoin Whale's $100 Million Cannonball Creates Only Small Splash

It's in the Bitcoin news this morning that a couple of "Bitcoin Whales" sold off $100 million of BTC yesterday, causing a "crash" of $200/BTC.

Two things:

1. If a "crash" is now defined as a $200 move, I'd say we're in good territory again, and
   
2. If these two were selling, that means people were eagerly buying, which kept the price from falling much further and hints that life is returning to this market post tax day.

BTC is at $8091.13 on Gemini as I type this.

 Bitcoin whales dump $100 million of digital currency in 24 hours

 

"The balance of wallet 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r — an anonymous digital account which is valued at $1.49 billion — fell by 6,500 bitcoin Tuesday, with the average sale price sale being $8,146.70, a total value of just over $50 million, according to bitinfocharts.

The sale comes a day after the third-largest wallet, which famously purchased over $400 million in bitcoin in February, let go of 6,600 bitcoin at an average price of $8,026. All told, the two whales dumped over $100 million of bitcoin within 24 hours." -- A. Hankin

Bitcoin Spiking As Tax Season Ends?

Tax season in the United States ends next week with the Federal income tax filing deadline fast approaching on April 17th. I just finalized my Federal and state taxes this morning. All I have to say about that is, "next year will be better" (thanks to the Trump Administration's tax cut passed late last year that are in effect now).

Between my pest control work picking up massively as we head into spring and having my head in the paperwork nightmare that is our tax system these days, I haven't kept up with this project. But in terms of cryptos and other investments, I also haven't seen much that is new and noteworthy either.

Except for one thing that I came across about a week ago that I thought was interesting: TechCashHouse discussing  Bitcoin regaining upward momentum after tax season passes, a prediction made by Fundstrat's Tom Lee.

Why? Basically that people are selling to raise money to pay tax bills. Once that need passes, so will the major selling.

When I first heard the idea, I shrugged and said, "well, it's as good a prediction as any other." That is, it will be believable when (if) it comes to pass.

Then today, this happened.

Given the position the Bitcoin market has been in as of late, maybe there's something to this after all...