with everyone calling the bottom now, and big expectations for the 200wma to hold, i'm curious to see how hard this can pull back. this kind of sentiment always gives me pause.
I am still short just under $5000 and will keep the short open as insurance, but the fact that Tether printed like 300 million USDT makes me less confident about major correction. This is new money entering the system, which we haven't seen in quite a long time. This somewhat reminds me of what happened just before we broke $6000 last year. Tether took like 500 million USDT out of circulation, where not long after that, the price tanked badly.
CZ of Binance very recently said that new money in form of stablecoins is entering his exchange, and with how more USDT is being printed, this doesn't come as a surprise. We'll see where it goes, but being bearish for too long can be harmful too.