Blockware Intelligence NewsletterBlockware Intelligence Newsletter Summary (for week 7/4 - 7/8):
The equity indexes have seen a strong bounce this week, much of which has stemmed from short-covering as we can see with QQQ’s Aggregate Short-Interest.
While it’s certainly possible that this is the market’s bottom, there are a few areas close overhead that could turn into resistance in the coming sessions.
Fixed-income securities began to sell off again this week and the 2/10Y yield spread flipped negative for the second time in 2022.
The Atlanta Fed has continued to lower their Q2 GDP estimate and it now sits at -1.9%. As discussed last week, unemployment data does not back the thesis that the US is currently in a recession.
Bitcoin is 31 days into a miner capitulation according to the hash ribbon metric. The end of a miner capitulation historically marks a bear market bottom.
Updated: Miner Network Breakeven Distribution Table and Chart
Mining difficulty is trending down, but not at the same pace as the China mining ban which was unprecedented.
