Thoughts on the crypto market on 02/04/2021

Bitcoin continued to rise, reaching highs of $ 38388. From this level, the price of the main cryptocurrency corrected to $ 37600 - $ 37700, where it is at the time of writing the Review.

Market capitalization is $ 1141 billion, dominance index is 61.7%.

Stock markets were up slightly yesterday. American indices added from 0.1 to 0.12%, S&P 500 closed at 3830.17 Oil continues to rise, Brent came close to $ 59. Gold slipped to $ 1823, the dollar index is holding above 91.2.

The volatility index is falling, there is little fear in the stock market now. The growth of the dollar index, which usually leads to a fall in markets, is not yet causing such an effect. Most likely, because the reason for the growth of the dollar index now is not that investors are entering the dollar, but that central banks are buying up the dollar as part of the process of future emissions.

On the crypto market, Bitcoin reached local highs above $ 38388, after which it returned below $ 37800. For the second time in the last week, an attempt to take this level ends with a false breakout and a return to the previous trading range. Option 2, which was mentioned on January 18, is being worked out in its pure form.

I think there will still be attempts to take $ 37800 and gain a foothold higher. In case of success and Bitcoin consolidation above $ 37800, the next target is to move above $ 40K and update ATH. But I think that a return to the trading range is more likely today.

Altcoins are growing, Ether has renewed highs again and reached values ​​above $ 1700. The dominance index is below 62. There is talk that the introduction of futures on Ether on February 8 could plunge it significantly, like Bitcoin in 2017.

Then the situation on the market was different - the strongest recoilless growth on hype, a lot of deer on the market (remember the quality of the audience), few opportunities for short. And then the topic of CME futures is being dispersed, the crowd is expecting even greater growth from this event .. then what always happens in such cases.

Now the growth was more organic, and the crowd of growth from the introduction of futures certainly does not expect (rather, on the contrary). And those who want to shortcut Ether have enough opportunities for this even now. Therefore, I think that Ether will rise and fall along with the market; futures will not have any special influence on it.

The priority option for today is Bitcoin in the $ 37,800 - $ 35,500 range. Alternative - fixing above $ 37800. In the case of working out an alternative option, Bitcoin's targets are above $ 40K. 


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