What the data tells us

Today BTC experienced a correction from the $90k level which it held over the weekend to $83-84k, which caused quite a bit of panic on crypto social media.

There's been a spike in Social Volume, accompanied by a massive swing between positive and negative sentiment.

Borrowing of stablecoins in onchain DeFi protocols keeps declining, which is a good sign, as people are being cautious about taking on leverage long positions.

Important observations

Last few days a lot of negative opinions regarding Tether has been circulating around. Many big twitter accounts are simultaneously all of a sudden very concerned by the status of USDT backing, which seems very unlikely to be purely coincidental.

Also, yesterday Michael Saylor tweeted a cryptic message about some new "green dots", which turned out to be them raising cash for future dividend payments on the preferred shares. Market didn't like this idea at all, with MSTR falling more than 10% today, followed by recovering about half of the decline. They also raised the dividend on STRC to 10.75%, which didn't help push the price of it higher.

Coins in the spotlight

ZEC did a hard turn lately from being the only green coin in the sea of red, to being the loss leader today, falling almost 20%. Holders are starting to get vocally upset on social media, blaming influencers for organising a coordinated pump and dump.

Conclusion

The retest of low 80s is playing out exactly as I was expecting last week. I'm picking up some long exposure here, but leaving room for adding more in case BTC dips closer to $80k. Market situation as a whole doesn't look bad at all for some recovery towards at least $100k, at best even $110k.