10:29
Thoughts on the crypto market on 01/06/2021

After a short consolidation, Bitcoin went back to growth and renewed highs. Less than an hour ago, the main cryptocurrency set a new ATH at 35948, after which it bounced to 35000 - 35400, where it is currently trading.

Market capitalization 944 billion, dominance index 69.1%.

Financial markets were up yesterday. The S&P 500 closed at 3726, gaining 0.71%, the Dow Jones rallying 0.55% and the Nasdaq adding 0.95%.

The leaders were the oil and gas sector, which grew on news of a successful OPEC deal. The increase in production turned out to be less than expected, the Saudis showed unprecedented loyalty, who will voluntarily reduce production in February. Oil reacted as expected - Brent around 54, WTI around 50.

Now the markets are not so optimistic - Asian indices are declining, S&P 500 futures too.

Bitcoin worked out an alternative option from yesterday's Review - after consolidating in the range of 31000 - 32800, the main cryptocurrency managed to gain a foothold above 32800, after which Bitcoin took new highs. Now the ATH of Bitcoin is 35948. As mentioned, the strait below 30K on January 4th created good conditions for further growth. The brains of those who like to talk about the "bubble" and "an unsecured Bitcoin that will soon collapse" has suffered another blow. Some of them are already looking for options to take out a loan to buy Bitcoin).

Market capitalization is less than 50 billion to reach 1 trillion. I think that a more significant correction is possible from this level.
Altcoins are growing, and the Bitcoin dominance index, which is again above 69%, remains able to grow further with the stabilization of the main cryptocurrency.

Unexpectedly good news from the United States - the regulator has allowed banks and savings funds to use blockchain and stablecoins to conduct payment transactions.

Interestingly, the well-known hedge fund One River Asset Management acquired Bitcoin and Ether for 600 million, back in November. And on January 2, there were large purchases on Coinbase.

As long as Bitcoin holds above 33,700 - 33,500, new highs are likely. A return below these levels will lead to consolidation in the range of 31,000 - 34,000. A correction from the capitalization level of 1 trillion is possible.

Thoughts on the crypto market on 01/05/2021

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Views: 83 | Added by: andryvrozhkov | Tags: #Bitcoin #Bitcoin Price #BTC | Rating: 0.0/0
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