Macro picture for BTC July 2021

BTC traded in a range for 94 days at the recent high of 65K. Recently it's been trading between 30K and 40K. It could well continue in this range for another month to match the previous 94 day range. Crypto has survived the recent crash remarkably well. DeFi had the most severe of stress tests and passed with flying colors. The GFC of 08/09 showed how fragile the banking system was with counterparty risk. Unlike the old banking system Defi didn't need to be propped up with bailout money. Big institutions must surely be noticing this. What I see now is accumulation as prices are not crashing but slowly trickling down in a controlled manner as weak hands sell to stronger hands. The long term prospects for BTC and ETH are still looking extremely bright in my humble opinion (IMHO)