Bitcoin remained within the priority option during the day, but went into a peak in the morning. The support area at 57500-56500 was lost, Bitcoin fell to levels not seen since February.
Now it has already gone below 55K.
Alts are falling even more - the dominance index has risen to 55.61%
Market capitalization has reached an important level of 2 trillion. They must either keep it (if lost, return it within 24 hours), or the market recovery process may take a little longer.
The story is the same - Mt Gox transferred 47,229 BTC to a new address.
The support area is in the 52000-50000 area
Now everything depends on the news background and manipulations. Information from Mt Gox on the procedure for making payments will clarify the situation.
Why is everything not so scary there, I said in the last post.
The fear index now is like in December 2022, when the market was digesting the FTX crash
It’s clear from the drain of alts that this time everyone is truly scared.
What to do now?
If you have positions in spot, be glad that you do not have positions in futures). Hold assets, if possible, buy TOP. Until the situation is clarified, you can limit yourself to Bitcoin and Ether. In the event of a transition to growth, they will fly first, and you will have time to get the rest later.
Remember that Bitcoin at 52K is no different from Bitcoin at 70K. And the global reasons why Bitcoin will cost 100K this year remain unchanged.
If you have futures, don’t let triggered stops knock you out of the saddle. This is inevitable in futures.
What's next?
In favor of growth:
- Extreme fear index, development of drainage zones and many liquidations.
- The dollar index is below 105 - also in favor of growth.
- Clearly manipulative nature of the drain yesterday and today. Once the situation is clarified, there should be a quick recovery.
- Possible news on ETF-ETH. From a marketing perspective, now is not the best time to start. But announcing a date (for example, from August 1) is just the thing.
- An important level of capitalization of 2 trillion.
- A large number of short positions opened below 60K is good fuel for growth.
In favor of the fall:
- Possibility of further manipulation of mtGOX funds movements. And the German government has not yet woken up, they will also get involved.
- The reaction of IBIT after its opening will clearly not be positive, which may give new impetus to the fall.
The priority option for today is a range with a lower limit at 52000-50000 and an upper limit at 55000-56500
Alternative - consolidation above 56500
Also today at 15-30 Moscow time data on the US labor market (Non-Farm Payrolls) will be released. They can be a reason for both growth and further decline (depending on how they turn out).
