Bitcoin could not stay above 70K; support was lost at 69500-69300, and then at 68500-68300. At the time of writing the Review, the price of the main cryptocurrency was 67904.
Market capitalization 2.48 trillion, dominance index 53.86%, fear index 72
Stock markets opened neutral-positive. The 10-year bond yield and the dollar index are falling, S&P 500 futures are showing a slight increase, and Asian indices are also looking good.
But what happens to Bitcoin then?
Option 1 - leaked by insiders who know about the imminent appearance of negativity. Either they will announce that ETH-ETF will be launched no earlier than August, or something else that could cause negativity in the market.
Option 2 is simply a correction from the upper limit of the range.
Ya for option 2.
Firstly, alts don’t lose much money (the dominance index shows that they hold up better than Bitcoin).
Secondly, I don’t see any insider information that could affect the current prospects for Bitcoin. All the global reasons for its growth, from inflation to the demand for privacy, are relevant and will only intensify.
Thirdly, any serious legislative attack on crypto in the United States is now extremely unlikely, since both sides of the electoral process are fighting for the favor of the crypto community.
Therefore, I think that this drain is a small genocide of deer. Those who at first were afraid to buy Bitcoin, but yesterday’s rise above 70K believed in themselves so much that they bought it with leverage.
Now more fans of Bitcoin shorts will appear and work them off too).
There is one more news:
MtGox sent 32,137 BTC to the new address. But I don’t believe that market participants are such idiots that they sell Bitcoin because of this).
Nothing has changed since then.
Those who sell assets on such news should have no money in principle).
Therefore, such a drain is a good reason for profitable purchases. It's interesting to get Bitcoin, Ethereum and Pepe. True, so far, except for Bitcoin, everything else is not falling much. But it's not evening yet.
The priority option for today is Bitcoin in a range with a lower limit at 66000-65500 and an upper limit at 69300-69500
Alternative - consolidation above 69500
