Thoughts on the crypto market on 02/05/2021

Bitcoin tried to gain a foothold above $ 37800 several times during the day. But this did not lead to success, the price of the main cryptocurrency was pushed back to $ 36,500 - $ 36,600, where it found support and again moved to growth. Bitcoin is currently trading at around $ 37,350.

Market capitalization is $ 1137 billion, dominance index is 61.0%.

American indices rose from 1.08% to 1.23% yesterday. The S&P 500 hit new highs and closed at 3871. Gold dipped below $ 1800, oil is again approaching $ 60. The volatility index continues to fall, which indicates the willingness of investors to take risks, while the dollar index is growing as currency wars begin.

The story of the confrontation between WSB traders and hedge funds does not seem to end in favor of WSB. GameStop's stock, which spiked to $ 467 a week ago, is now worth $ 53. As recently as last week, the "wolves of Wall Street" called for the help of regulators, brokers turned off the ability to buy shares and even forcibly closed positions, and Google batches of deleted negative reviews about Robinhood. Having repulsed the first onslaught with the help of such methods far from the market, the funds, using an unlimited financial resource, so far pressed down the WSB traders.

Conclusion: it makes no sense to play with those who can rewrite the rules in their favor on the fly. Therefore, we are waiting for WSB on the crypto market. 

The priority version of yesterday's forecast worked out, Bitcoin did not take $ 37800 and remained in the same trading range. Several attempts to gain a foothold above $ 37800 were unsuccessful. But there was no strong rebound, purchases began from $ 36500 - $ 36600. Today, the expiration of options for $ 1 billion. I think that until its expiration, the main cryptocurrency will remain in the range of $ 35,500 - $ 37,800.

If today Bitcoin closes above $ 36,500, then the weekend is likely to continue the growth of altcoins and new highs in market capitalization. In the more medium term, the market continues to work out option 2. The situation is increasingly reminiscent of June-July 2020, when Bitcoin was between $ 9000 and $ 10500 for almost 2 months. Now everything goes a few floors higher, but the result will be the same.

PayPal, which has actively entered the cryptocurrency topic, announced that the results exceeded expectations.

And the CEO of MicroStrategy (the one that bought Bitcoin for more than $ 1 billion, and began to do so back in August-September 2020), held a webinar, which was attended by 1400 companies. How many of them do you think will follow the example of MicroStrategy, which out of the blue has increased its capital several times in six months?

From the interesting: the investment director of the investment company Guggenheim Partners (USA), clearly showed an example of market manipulation. On January 21, he announced that we see Bitcoin at the highs of 2021, then it will fall to 20K. On January 28, he said that the support level at $ 30K is not stable and Bitcoin may go lower. And on February 2, it became known about the entry into force of Guggenheim's application to the SEC for the purchase of Bitcoin in its Macro Opportunities Fund. The next forecast from the same investment director Scott Minerd - Bitcoin will grow to $ 600 thousand. Conclusion - no matter what a person says, it is important why he does it.

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Category: Analytics | Views: 81 | Added by: 4zvezda | Tags: #bitcoin #bitcoin news #btc | Rating: 0.0/0
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