The dollar depreciates along with the precious metals, while BTC remains a fairly high price after a rapid growth, but altcoins are still hanging out on the bottom. It’s funny that the weakness of the dollar helped to raise the stock market, though in fact at weakening the national currency the price has not changed.
As for BTC, the picture remains the same: price is in a descending triangle, after rising from the bottom of 2018. This figure is a pattern of growth, and every day the probability of wagering increases. We are still in a bull market and active buying above the support level at $10,000 at least confirm the presence of the buyer. However, for further growth of BTC needs a weak dollar, and it depends on news from the Us government and the state of the American economy. Moreover, the current pattern is not the best for the continuation of the trend for BTC is still subject to change.
It is worth noting that gold and silver fell along with the dollar and this should cause special caution. However, after such explosive growth it would be logical to expect a correction. It is noteworthy that silver had a strong enough correlation with BTC, which now responds to the price of silver with delay, and this indicates a potential fracture of the current trend.
Once again: bitcoin is in a bull market, not altcoins! Now, in terms of the market capitalization of BTC is just a giant, and his domination has exceeded 70% and can grow beyond the 80%. So even if bitcoin will grow strongly from the current levels, it does not have much impact on altonah. Most altcoins can’t overcome the 23.6% Fibo from the bottom, which indicates a bear market. Given these factors it is logical to assume that institutionaly who need liquidity and reduced risks, pass by altcoins, after individual traders and investors.
This is many I see the problem of crypto market – people who had BTC, practically remained without money. It was affected by the fall of altcoins and trading on margin. The latter can be equated to legalized theft as ignorant in trading users will only give your money to the exchange.
The global economy gradually enters a recession, but the crypto market is full of only good news, and what is happening at this time with the violas?