Waiting for Bulls to Awaken

Over the last few weeks, we've been in the camp that Bitcoin and most other primary crypto assets will resolve higher into the remainder of the year.

The macro accumulation pointing to a bull run over longer time frames remains intact. But things have certainly been messy in recent weeks, with Bitcoin losing a key level of interest this weekend.

The thesis was that if Bitcoin was below 58,000, the downside risks become elevated for long positions, and elevated cash levels are prudent.

Bitcoin continues to flirt with this level, and the price action in most cryptos looks messy in the near term.