Bitcoin did not maintain support at 60K, there was a spill to 57600, at the time of writing the Review the price of the main cryptocurrency was 58932.
Market capitalization 2.13 trillion, dominance index 54.58%, fear index 44.
The external background was good yesterday - the dollar index was declining, the S&P 500 set another ATH, and economic data came out such that the probability of a Fed rate cut on September 18 immediately increased by more than 9% and now stands at 68.4%
But we have already said that the correlation with the stock market in crypto occurs when there are no reasons for its own growth or fall. There was a reason for the fall yesterday - the same MT.GOX
Yesterday there were movements of large volumes of BTC and immediately there was a rumor that payments were probably starting).
In fact, the threat of this MT.GOX story is greatly exaggerated.
I would like to add that there were no official announcements about the start of payments and their size either yesterday or today. And the drain occurs in the thin weekend market (American markets are closed today).
Comparing these facts, it is obvious that everything that is happening is manipulation. Occurring, by a strange coincidence, just before the adoption of ETF-ETH.
But it is not typical for the market crowd to compare facts and draw conclusions. Therefore, there are many who want to drain Bitcoin before sales from mt.GOX begin). Plus, liquidations in futures clear the way for further growth.
When will this all end?
- When the deer run out (I think it will be at or slightly below the early May lows).
- When will there be an official message from mt.Gox, from which the order of payments and their terms will become clear.
Let's see which event comes first.
Bitcoin has worked out the priority option from yesterday’s Review and is now at the lower limit of the range indicated there.
The priority option for today is Bitcoin in a range with a lower limit at 57500-56500 and an upper limit at 60200-60500
An alternative option is to consolidate above 60500
Ethereum has updated its local minimum since May 21, reaching 3155. But alts in general are holding up well, the dominance index is still below 55%. Let’s not forget about the importance of the capitalization level of 2 trillion. I think it will now act as powerful support, and capitalization will not consolidate below this level.
Now it might be helpful to think back to a day when there was real fear in the market. Bitcoin then doubled in one day, and market capitalization dropped to 147 billion.
Think about the jackpot won by those who acted correctly that day.
Also, think about why I remembered this now).??
Share your opinion in the comments 👇
