17:24Thoughts on the crypto market on 12/22/2020
Bitcoin tested the lower border of the trading range during the day, reaching lows below 22K. The strait was redeemed, the main cryptocurrency returned to 23000 - 23500, where it is currently being traded.
Market capitalization 638 billion, dominance index 66.6%.
Fear returned to traditional markets in the first half of yesterday. European indices rushed down, losing 2-3%, futures for US indices moved in the same direction, futures for the S&P 500 fell to almost 3600, and the dollar index reached 90.94.
Then it came to the market that this story with the British modification of the virus strongly reeks of manipulation and native advertising of the vaccine, and the markets began to grow. This was helped by the adopted support package, which was announced yesterday.
As a result, the S&P 500 closed at 3694, having lost only 0.39% of the results of Friday evening, the Dow Jones rose by 0.12% at all, the Nacdaq lost 0.1%. Now the situation has practically not changed - futures for the S&P 500 at 3688, the dollar index at about 90, gold at 1887.
The support package could have triggered a Christmas rally, but because of yesterday's panic, it has only brought the markets back to their original position.
The stock market is becoming more and more like the crypto market - stocks growing by several hundred% per day, information manipulations that move the markets, a crowd of deer happily buying up assets at highs and draining when they fall by a couple of percent, reminds the crypto market of 2017-2018.
On the crypto market, this option is still working out, Bitcoin confirmed the lower border of the 22K - 24K range, the price bounced off the support and reached 23,200, and twice in the last 10 hours bounced down from this level. With Bitcoin falling by 1000 points, the alts, as always, suffered even more. But with a stable Bitcoin in the range of 22000 - 24000, the growth of the TOP is inevitable, and such a drain is a good opportunity to enter.
Yesterday there was a lot of negativity - the hacking of EXMO, with which assets were taken away, technical problems with Binance, which did not work for several hours (the situation did not affect Binance Futures), foreign markets in the morning also put pressure on the crypto market. And if, against such a background, the maximum that the bears have achieved is a short-term decline to 22K, then everything is going correctly and according to plan.
We expect today the continuation of Bitcoin's movement in the range of 22000 - 24000. We pass 23200 - we are moving to the upper border of the range, if we do not pass - we can go back to 22K. I think Bitcoin will be relatively stable in the coming days, alts will return to growth.
The MicroStrategy company, which has been buying Bitcoin for a long time and has already made good money on it, bought Bitcoin at 21925 for the amount of 650 million. He just said in yesterday's Review that large players will buy on any sink, here is the confirmation.
The volume of open positions in Bitcoin - futures on CME renewed its maximum, reaching 1.47 billion.
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