Bitcoin moved within the range of 66000-70450 during the day
Market capitalization decreased to 2.42 trillion, the dominance index increased to 53.92%
American markets were down yesterday. The S&P 500 closed down 0.20%. Not much, but unusual - the market has recently become accustomed to growth.
The dollar index rose above 105, the highest since November 2023.
Today, the US market will release data on open vacancies in the labor market in February (17-00 Moscow time), and there will be many Fed speakers (from 17-00 to 20-30 Moscow time there will be 4 speeches)
There will also be a speech by SEC head Gensler, but this topic is more about the crypto market.
Oil is growing, which means there is no need to talk about reducing inflation. This reduces the likelihood of a quick reduction in the Fed rate, but does not change anything globally - the rate will still have to be reduced due to the situation with government debt, household debt, and the situation in the banking sector.
Bitcoin fell to the lower limit of the range that was indicated in yesterday's Review. There is nothing unexpected in this - they couldn’t take 71500 - which means it’s time to refuel.
In case Bitcoin does not stay above 64K, the next support will be the 62000-60000 area
All this is within a large range (60000-59000 below and 73000-73777 above) in which Bitcoin has been for a month now. A movement to the lower limit of the range is a reason to buy. Although deer in the event of a spill to 60-62K will be sold en masse. And if the price drops below 60K, many of those who now think that he is definitely not a deer will do the same). The alts sank more significantly - BCH, PYTH, CFX, JUP, and memcoins dropped by 10% or more.
But in general, it’s still weak, it hasn’t even reached the majority of top-ups for alts. There is no fear in the market yet.
Perhaps Gensler will somehow scare the market and then Bitcoin will test support at 60,000-62,000. Perhaps we'll go up straight from here (from the 64000-66000 area). There is not much difference: let's go down - top-ups will work and we will improve the entry price.
Let's go up from current levels - we already have something to go up with.
The priority option for today is Bitcoin in a range with a lower limit at 62000-60000 and an upper limit at 68200-68500
Alternative - consolidation above 68500
When the market situation is like today, we remember the main rule of successful trading: buy low - sell high.
Not the other way around.
