Thoughts on the crypto market on 01/05/2021

Yesterday Bitcoin dropped from levels above 33300 to 27800, from where it quickly returned above 30K. By this morning, the main cryptocurrency had consolidated above 32K and tried to take 32700. So far, the attempt did not lead to success and now Bitcoin is trading at 31000 -31400.

Market capitalization is 881 billion, dominance index is 68.3%.

Traditional markets kicked off 2021 with a dip. American indices fell from 1.25% to 1.48%, the S&P 500 closed at 3700.65, although it fell significantly lower during the session, and began trading the session with renewed highs.

The negative effect on the market was brought by the situation with the delisting of three Chinese telecom companies from the American exchanges, which could lead to another round of trade and regulatory wars between the two largest economies in the world, as well as the incoming information about doubts about the effectiveness of the vaccine from Pfizer.

Oil fell to 50.64 amid disagreements between Russia and Saudi Arabia at the OPEC meeting.

Now the S&P 500 futures are growing, oil is also recovering the positions it lost yesterday, gold is already at 1946, the dollar index is decreasing.

Yesterday, for the first time since the beginning of the year, Bitcoin did not update its maximums during the day, but showed that it can move not only up. Within a few hours, Bitcoin fell from 33K to 27,800, and also quickly returned above 30K.
At the same time, Altcoins held quite confidently, the Bitcoin dominance index decreased, and the market capitalization increased. Ether fixed above 1000 and renewed highs again.

This situation is beneficial for the market, it makes growth healthier, gets rid of weak hands, improves the quality of the audience. And the shorts are over, but they are necessary for further growth.

The important level now is 32700 - 32800. Fixation above will give an opportunity to move to new highs. But the priority option for today is movement in the range of 31000 - 32800.

Interestingly, the Singaporean investment company Three Arrows Capital, as part of the disclosure for the SEC, announced its position on Bitcoin by 1.2 billion and plans to increase it.

Thoughts on the crypto market on 01/04/2021

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Category: Analytics | Views: 61 | Added by: andryvrozhkov | Tags: #Bitcoin #Bitcoin Price #BTC | Rating: 0.0/0
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