After the Collapse: Bitcoin Price Holds Near $6,500 Amid Strong Volumes

For all of us believers that asset prices are set by fundamentals rather than fantasy, these are perplexing times.  Crypto prices are not only way off their January highs, they are at the lowest level this year. Progress in addressing issues like scaling and security may be slow, but they are taking place.  The cooperation between crypto and government regulators is improving in big chunks.

Yet, while all this is going on crypto technicals look terrible. Everyday technical analysts use words like downtrend and overhead resistance.  When prices have rallied, the joy is short lived, lasting only for a day or two. Even on good days, the moves are weak on low volume.  This is never a good sign. Long gone are the kind of investor fears about missing out (FOMO) that we saw last year.

There are fundamental reasons for skepticism for long term believers, as the data has not been going in the right direction.  True, projects are progressing a slow pace. This maybe good…