Bitcoin is still treading water, but boredom in the market is often the calm before the storm, and we have some interesting leads here that can't be ignored.
The weekend brought us the usual sideways movement, where the price fluctuates around 90K. So what?
The CME closed at 92.2K, hinting at a possible gap. But so what? A much more ominous picture emerges when you look at the gap between 81.2K and 77K. Yes, it's there. And no, no one knows if it will close.
Apparently, the hopes that Bitcoin will suddenly fly up remain dreams. In fact, we see another jump from the upper border of the sideways trend and a threat of falling to the 86K area. And there is the Ichimoku Cloud, as the last line of defense. But let's be honest: have these "clouds" ever helped the market?
86K - Just the Next Stop?
The scenario for the near future is frighteningly monotonous. The price will again fall to 86K, where, of course, there will be buyers to support this sinking boat. But will it stay afloat? With each new "rebound", it becomes increasingly difficult to believe in stability. Yes, the lower boundary of the sideways movement looks reliable, but for how long?
In the current dynamics, it is difficult to imagine that BTC will be able to show anything other than another failure. The chart resembles a slow descent into the abyss, and so far only Bitcoin dominance is falling slightly faster than its price.
Altcoins: Lifebuoy or Death Squeak?
While Bitcoin is marking time, altcoins are coming onto the scene. Or rather, trying to. XRP, XLM and other “oldies” are trying to show activity. But is this real growth? Rather, it is a panicked revival caused by any, even minor, decrease in BTC dominance.
If the decline in dominance continues, other altcoins will join the race. But this looks more like fleeing a sinking ship than the beginning of a new trend. Everyone understands that until Bitcoin shows confidence, the entire altcoin market remains in limbo.
The future is in the fog
The crypto market is once again showing its true nature: a lot of noise and little prospects. Bitcoin is stuck in a range that looks more like a trap, and altcoins are trying to play the role of saviors, but do not inspire any confidence.
In the near future, we are likely to see more disappointments: a sideways movement, a fall, perhaps another rebound. And in the long term? The market continues to move in circles, with no end in sight. So if you have any hope left, it may be time to rethink your expectations.
