Bitcoin moved within the range of 64569-67289 during the day
At the time of writing the Review, the price of Bitcoin was 65420
Market capitalization 2.29 trillion, dominance index 56.22%
Stock markets were growing again yesterday, the S&P 500 is approaching 5500. At the same time, the main growth is due to the technology sector, other sectors are lagging behind.
Companies with trillion-dollar capitalization are sucking money out of the market, updating their highs, and, for example, the Russell 2000 (an index of small and mid-cap companies) is still very far from the highs of 2021. While the S&P 500 and Nasdaq have already updated their highs many times.
Doesn't remind you of anything?
It’s just like about Bitcoin and alts.
Recently, when Bitcoin rises, alts grow weaker than the main cryptocurrency, and when they fall, they fall significantly more. As a result, after the overnight drain, the Bitcoin dominance index is close to the highs of the year (already above 56.22%), and alts are once again looking for the bottom (Ether fell below 3400, SOL below 130, AVAX below 25). And these are strong, top-end altos.
And ZK, which was listed yesterday, is now in the red by 28%. FTM and ENA each lost almost 20%.
Why is that?
We said that the market lacks money and new participants. They also talked about the reasons - the market crowd behaves irrationally, and buys not when it is cheap, but when it is too late to buy.
In conditions of limited resources, money first goes to TOP assets. When the TOP asset grows, they move on to everything else. This is called the market cycle, learn more about how this works in all markets.
Bitcoin once again approached support at 65000-64800. At the same time, there is a rebound, but each time it gets weaker, and the moves under 65K get deeper. Therefore, I would not exclude the option in which the support at 64800-64500 will not hold, and the Bitcoin price will briefly go lower.
#ЛюбимыйТокен This is likely in the event of a growth in the dollar index, in the event of a correction in the stock market, in the event of the appearance of FUDa or real negativity.
BUT the priority option is a range with a lower limit at 64500-64800 and an upper limit at 67500-68000. Fixing below 64800 for a while is an alternative option.
What to do if an alternative option is worked out?
Buy, of course. In the case when the prospects are clear, and the price suddenly fell, the actions are obvious).
