Analysis $BTC 12/02/2024
#BTC, today started off busy, but Bitcoin bulls are still defending the $95,100 region. Of course, this whole DMM Bitcoin situation ends up reflecting on the entire market, but we didn't have any major sell-offs because of this news, and to be honest, we're still seeing good altcoins doing good numbers, such as the unstoppable #HBAR , which is up +40%.
I know people are running out of patience here again, and that's okay too, but I still see this chart as very optimistic and despite the price still being very close to the main resistance here, the RSI remains at a very neutral point, which is good and allows us a new jump to $100K.
The spot buyers here are responsible for holding the prices, but we are not seeing the PERP buyers helping here, so the price is really slow, but I think we are fine and as we have been saying for a few days now "BTC needs to cool down for the Altcoins to run, and that is what we are seeing, see that even with BTC negative, we are seeing altcoins making positive numbers and continuing their rises.
The spot sellers are also acting here, but the PERP sellers are not confident that they will be able to sink the prices, so they are very timid at this point.
The next move is something violent and both sides know this and do not want to risk more than necessary, neither should you. I personally think that we will stay here floating between $94k/98K until we have a new jump to $100K definitively.
Cooling down here is necessary for the rest of the market to rise, if you do not understand this...then you should focus more on learning.
Keep an eye on Bitcoin dominance, if you are not bullish on Altcoins looking at that, then you are definitely looking at it wrong.
* If you have any questions, don't hesitate, go to my INSTA (it's in the fixed image of my profile here), call me and ask your question.
