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Axie Shorts Stack Up, BTC Options, Polygon’s Contraction

Jul 7, 2021 · 4 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

BTC and ETH had a relatively muted day, but are still in the green so far. Today’s market focus, at least price wise, has been in altcoins where AXS continues to defy gravity; and other tokens like FLOW, ONE, and LUNA have done remarkably well.

Buying Hasn’t Picked Up, But Fret Not

BTC exchange volume has hit its lowest level of 2021, and volume looks like it will mimic the range that occurred between July and September 2020. Ideally, you want to see aggressive buying at the bottom, and for price to lift above the range low. BTC continuing to touch the range low only increases the likelihood of the current bottom giving up. Given how the data is shaping up, BTC needs to consolidate well above the range low (which is near $30,000) to confirm that the bottom is in. A move to the range lows could give way to another leg lower, especially since this price level would imply a confirmation of BTC’s head and shoulders pattern we’

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