Bitcoin not only returned above 36K, but also updated its high for the year, reaching 37980. Market capitalization reached 1.43 trillion, Bitcoin dominance index 51.1%.
Yesterday morning I said that the market needs short sellers as fuel for further growth. They appeared when Bitcoin fell below 36K and were immediately processed
Shorting Bitcoin is, in general, a so-so idea. But doing this when the asset has already fallen below 36K is worthy of a Darwin Award in trading). In general, with the short players it turned out as always.
Interestingly, Bitcoin’s rise above 37K occurred precisely on the news that the SEC postponed consideration of the application for a spot BTC-ETF from Hashdex. There is no information about what happened to the rest of the applications, and primarily with the application from BlackRock, but it will become known in the next 24 hours
I think they will postpone it now, but will accept it in 2024. At the same time, postponing the consideration of the application now will not cause any extreme drop in the market.
If we postpone consideration, we will be in the medium-term range of 35-38K for now. If they accept it, we go to the target zone of the year 40-42K.
In the first option we also go to this zone. But a little later.
Violas are growing well. The leaders - AVAX, RNDR, SOL, RUNE, SNX have grown powerfully, but in general almost everything is growing.
But this is not yet an alt-season, but simply market growth. The alseason will begin with Ethereum moving towards 3K, and the Bitcoin dominance index falling below 50%. Then we will see the real growth of alts. It is important to get to this point without dumping assets cheaply. But at the same time, fix the profit, so that in case of spills there is something to top up for.
So to fix or not to fix?
And this is according to your trading plan.
Bitcoin will no longer fall below 30K.
I expect high volatility in the next 24 hours. If we leave for the weekend with Bitcoin above 37K, new highs are likely for Ethereum and alts.
The priority option for today is Bitcoin in a range with a lower limit at 36200-35800 and an upper limit at 37900-38200
An alternative option is to consolidate above 38200
