1. Bitcoin Shows Signs of Stability
Bitcoin (BTC) seems to have stopped its recent decline and is now showing some stability. also Altcoin show sigins of recovery. This comes after a tough period for the market, with Bitcoin and altcoins facing challenges since mid-December. Despite the temporary calm, the market still has uncertainties, and the s
2. Cryptocurrency Market Overview
At the moment, the total market value of all cryptocurrencies is $2.75 trillion. However, trading volumes have dropped significantly, with daily volume down 37%, currently sitting at $47.6 billion. This drop in trading activity is evident, especially over the weekend when the market typically slows down.
3. Bitcoin and Ethereum Dominance
Bitcoin’s dominance in the market has slightly decreased to 60.7%. Meanwhile, Ethereum (ETH) is struggling, with its dominance still weak. ETH’s price has dropped by 11.7% in the past week, and it’s now trading below the critical $2,000 level. This makes it harder to talk about a full recovery for altcoins at the moment.
4. Decline in CME Basis Trade Strategy
Bitcoin has been in focus recently due to the changes in the CME basis trade strategy. The profitability from this strategy has decreased, currently sitting at just 6.82%. While Bitcoin’s minor dips aren’t too concerning, it’s important to avoid additional selling pressure, especially since Bitcoin’s & Altcoin price hasn’t fallen to the low levels seen back in February.
5. Fluctuating CME Open Positions
CME open positions have also been fluctuating. It was previously stated that a decrease in open positions to around $10 billion would help prevent further declines in Bitcoin’s price & Altcoin On March 10, these positions dropped to $11.17 billion, which signaled a potential market stabilization.
6. Increase in CME Open Positions
By Friday, the open positions on CME had risen again to $12.48 billion, suggesting that the market may be entering a phase where conditions could shift. also Altcoin show sigins of recovery. The increase in open positions is viewed as a possible indicator of a reversal in the downtrend. also Altcoin show sigins of recovery
7. Key Developments Ahead
For those watching the market, the next few days could be crucial. also Altcoin show sigins of recovery. There are key developments expected soon, and these events could have a significant impact on both Bitcoin and the altcoin market. Monitoring these developments will be important, especially for short-term strategies.
8. Market Outlook and Uncertainty
Overall, while Bitcoin has found some stability, the market is still unpredictable. Altcoins are starting to show small signs of recovery, but the true test will depend on Bitcoin’s price movements and the overall market reaction in the coming days. also Altcoin show sigins of recovery The situation remains uncertain, so it’s important to stay alert to any significant changes.
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1. Weekly Candle Closing and Market Overview
Hello friends, the weekly candle closing has taken place, and it wasn’t a positive one. Bitcoin & Altcoin saw a significant drop of around 14-15% this week, with the candle closing at a lower price level. As expected, the market ended on a negative note this week.
2. Bitcoin’s Price Action and Current Status
Bitcoin hit a low of 80,000 and is now recovering around the 83,000 mark. This raises the question: is this recovery a sign of a bullish trend, or are we on the verge of another downturn? In this video, we’ll explore whether Bitcoin and altcoins are about to experience a big surge or another dip.
3. Key Economic Updates Impacting the Market
In the coming days, we will get the CPI (Consumer Price Index) data for February. Additionally, on March 7, Jerome Powell made comments suggesting that the Federal Reserve isn’t likely to cut interest rates anytime soon, especially given recent job data. This means the upcoming FOMC meeting might not lead to any rate cuts, potentially putting more pressure on the market.
4. Crypto Fear & Greed Index Update
The sentiment has been in the “Fear” zone for the last month and week, but today it has dropped into “Extreme Fear.” This signals that retail investors are feeling uncertain, and there are more short positions than long positions in the market in both bitcoin and Altcoin.
5. Retail Sentiment and Market Behavior
Whenever Bitcoin nears a local bottom, there’s usually a shift in sentiment. A similar pattern was seen when Bitcoin dropped to 48,000. As Bitcoin touched 80,000, it triggered panic among retail investors again, reflecting negative sentiment in the market.
6. Bitcoin and Altcoins Short-Term Outlook
Regarding Bitcoin and altcoins, I’ve discussed their short-term outlook in detail in a previous video. If you haven’t seen it, I recommend watching it, as it provides an in-depth look at the market’s potential direction. In the short term, Bitcoin’s price action remains unclear.
7. Weekly and Daily Chart Analysis
When analyzing Bitcoin’s charts, the weekly candle closed weakly, and Bitcoin is now officially trading at lower levels. On the daily chart, Bitcoin is forming lower lows and lower highs. The supply zone for Bitcoin is between 88,000 and 93,000. If Bitcoin manages to close above this zone, we could see a bullish reversal.
8. CME Gap and Short-Term Price Movement
There’s a CME gap between the 82,500 and 85,500 levels. If Bitcoin fills this gap and faces a rejection, it could suggest that the price will move lower. This recent recovery looks like a short-term relief rally, and I expect Bitcoin to retrace back down again in the near future.
9. Altcoins and Bitcoin Dominance
Regarding Bitcoin dominance, if Bitcoin drops, its dominance could rise. If Bitcoin dominance reaches around 44%, we may see some altcoins recovering. However, if Bitcoin dominance faces rejection at these levels, it might indicate that altcoins could start to perform better.
10. Conclusion and Future Analysis
In conclusion, for Bitcoin to shift towards a bullish trend, it needs to close above 91,000. If it doesn’t achieve this, we’ll continue to view Bitcoin as trading at lower levels. In the coming days, I plan to analyze specific altcoins and their price actions in detail. Stay tuned for more updates!
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