Moreover, this will not last long.
Bitcoin has risen slightly from morning lows below 53500 and is now trading above 56K. And we are even close to working out an alternative option from the morning Review - consolidating above 56500.
Market capitalization remains slightly above 2 trillion. We have talked about the importance of this level many times.
And this despite the fact that during the day Bitcoins were again transferred to the exchange by MT.GOX, and again there was a transfer from the German government.
This is good. But why?
What about Bitcoin at 40K?
Firstly, the market gradually began to understand that everything is not so scary and that no one will dump 140K BTS on the market.
Information has appeared from the first recipients - they promise to pay not all of the Bitcoin that was available, but only the part that is approved by the exchange. Part is paid in fiat (and most of it has already been paid).
The most important thing is that if the account on the exchange is not tied to a real person with documents, then there will be no money. At all. Since there was no mandatory verification on the exchange, there are a lot of such accounts. This greatly reduces the amount of possible payments.
And those who have everything accepted and approved the payment are given approximately 10% of the amount of Bitcoin that was in the account.
Moreover, it is far from a fact that all of them will immediately sell it. Over the course of 10 years, they became convinced of the potential of the asset. Moreover, they are clearly not deer, they think much faster than the average person, since in 2014 they already had Bitcoin. And only those who really need money will sell it at such prices.
Of course, there will still be manipulations of this topic. But I think that each time it will influence the market less and less.
Economic data today is positive for all markets. The dollar index is below 104.7, the S&P 500 has again reached a new high.
The probability of a Fed rate cut in September is already 74% (a week ago it was only 59%). This is a good medium-term growth factor for all markets.
Let's see if there will be fixations in the last hour before the session closes (this applies to both funds and cryptocurrencies).
And how will Bitcoin behave in a thin weekend market?
Transfers to exchanges seem to be not very appropriate on weekends. But there may well be some statements, publications and stuffing. And not necessarily those that lead to a fall.
Normalization of the situation with Bitcoin - consolidation above 57500. Transition to growth - confident consolidation above 60K.
Among the alts, TON and WIF look stronger than others. The dominance index is still above 55%.
If we go into the weekend with Bitcoin above 56500, I expect Ethereum to recover above 3K and some growth in alts.