July 5th 2021 - A Day in the Afterlife of Sisyphus


Bitcoin price, and the rest of crypthosphere with it, is again at that unhappy place which increasingly look like a day in afterlife of Sisyphus. There isn't any truly major, spectacular actions in either directions. Sentiment might be bearish and even the most die-hard optimists can't deny the facts on the ground, but the catastrophic megadump that is about to permanently wreck every crypto project fails to materialise just as all those Lambo-bringing euphorias failed to materialise.

Bitcoin is in the range between 30000 and 40000 US$ and it seems to stay there, although it seems to favour its lower section. It is likely to disappoint both those who hope for some kind of major upward movement, even temporary fakeout, just as it is likely to disappoint all those who hope for major shorting or "buy the dip" opportunities. If the Bitcoin pushes upwards again and even toys with breeching 40000 US$ levels, the bears will do to it what the Greek gods did to Sisyphus' boulder every time it neared the top of the hill.

Constant repeat of the same pattern must be increasingly frustrating. Fear is likely to subside now only to be replaced by resignation and apathy. Bitcoin isn't exciting any more. The fun and thrill is gone. This lack of enthusiasm reflects itself in lower volumes.

On the other hand, this new state of affairs doesn't lack its positive aspects. Roller coaster ride is replaced with sense of stability and many in the cryptosphere should probably use it as an opportunity to sit, think and develop personal investment or business strategies for the times when the movements would again be less predictable.

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