The release of the July FOMC meeting minutes on Wednesday reaffirmed the Fed’s position to raise interest rates and destroy demand.
On Tuesday, the S&P 500 ran into fairly significant selling around its 200-day SMA, giving it an eerily similar look to late-2001.
Weakness in spot Bitcoin price action has injected varying degrees of sell pressure into crypto-exposed equities.
According to the hash ribbon metric, Bitcoin is 73 days into a miner capitulation. The end of a miner capitulation historically marks a bear market bottom. There are signs that difficulty bottomed.
Bitcoin’s Energy Gravity currently sits at $0.11, meaning that the modern mining rig (~ 38 W/TH) earns 11 cents for every kWh consumed.