During the day, Bitcoin was in the range of 69620-71552
Now the price of the main cryptocurrency is 70285
Market capitalization 2.57 trillion, dominance index 53.88%, fear index 79
Stock indices are practically in place (S&P 500 closed at 5254 yesterday). The dollar index has reached its mid-February highs, which is not positive for the markets.
Despite the growth of the dollar index, gold also continues to grow and has once again reached a new high. This is an anomaly (usually when the dollar index rises, gold falls). The reason is the loss of confidence in fiat and the increase in demand for gold from the Central Bank.
BTC-ETF was growing yesterday, and the influx of funds into spot BTC-ETFs also resumed.
Today the American market is closed. At 15-30 Moscow time, data on the PCE Price index will be released, but we will see the market’s reaction to them on Monday. As well as the reaction to the speech of Powell, who will speak at 18-30 Moscow time
Bitcoin remains in a narrow range of 68400-71500 for the fourth day. A resistance area formed at 71500-71700, which the price of the main cryptocurrency tried to overcome three times, the last attempt was last night.
Today the forecast for Bitcoin is the same - the lower limit is 66000-64000, the upper limit is 72000-73000
An alternative option is to consolidate above 73000. Working out this option will open the way to a new ATH of the main cryptocurrency.
Today at 11:00 Moscow time there is a large expiration on Deribit in options on BTC and ETH (a total of $15 billion). There may be a spike in volatility.
Alts have grown slightly, the Bitcoin dominance index has decreased. If we leave for the weekend with Bitcoin above 70K (or at least in the range of 68500-71500), we can see an increase in the TOP by 15-20% over the weekend.
Now the leaders of growth over the past 24 hours are again memcoins with Doge at the head. In addition to memes, BCH, GLM, RVN, ORDI increased
ETH cannot reach 3600 yet. And for the powerful growth of alts, it is advisable for it to gain a foothold above 3700
Which he will do soon. Everyone has their own concept of the near future.)
From the news.
- In BCH, halving is expected in 5 days. We are watching. I don’t hold this asset, although I made good money on it in 2017.
- Bitwise filed an application for a spot ETH-ETF with the SEC. Yesterday, BlackRock was confident that there would be an ETH-ETF.
- According to CryptoQuant, since the beginning of 2024, the demand for BTC has been 213K BTC per month.
And in 2023 the demand was 40K BTC per month.
Question - what do you think will happen to demand next, given that on average less than 10% of the world owns crypto?
