Price: $0.38378 -1.3793%
Market Cap: 56.34B 1.9193%
Volume (24h): 15.04B 0.4%
Dominance: 1.9193%
Price: $0.38378 -1.3793%
Market Cap: 56.34B 1.9193%
Volume (24h): 15.04B 0.4%
Dominance: 1.9193% 1.9193%
  • Price: $0.38378 -1.3793%
  • Market Cap: 56.34B 1.9193%
  • Volume (24h): 15.04B 0.4%
  • Dominance: 1.9193% 1.9193%
  • Price: $0.38378 -1.3793%
Home > Information news > Crypto Analyst Shares a Bitcoin (BTC) Move That Always Leads to a Big Pump

Crypto Analyst Shares a Bitcoin (BTC) Move That Always Leads to a Big Pump

Release: 2024/06/04 01:05 Reading: 258

Original author:Captain Altcoin

Original source:https://coinmarketcap.com/community/en/articles/665df092dadad2497e4407b1

Crypto Analyst Shares a Bitcoin (BTC) Move That Always Leads to a Big Pump

Bitcoin Market Analysis: Cautious Optimism Amidst Historical Milestone

In his recent video analysis, cryptocurrency expert Michael Pizzino examines Bitcoin's (BTC) second-highest monthly close ever, along with the current market dynamics. Despite this achievement, Pizzino cautions that trading volume and volatility remain extremely low, indicating a lack of strong market reaction to the news.

Key Data and Observations

Pizzino presents several key data points:

  • 24-hour trading volume has increased by 52%, but this is largely due to the low daily range and overall low volume levels.
  • The 24-hour long-short ratio is balanced at 50.5% to 49.5%, slightly favoring the long side.
  • Retail sentiment remains neutral, with spot ETFs showing steady inflows but no extreme levels.

Technical Analysis and Pivot Points

Pizzino conducts a technical analysis of Bitcoin's price action, focusing on key pivot points and support/resistance levels. He highlights the significance of the $69,000 level, which coincides with the previous all-time high. Failure to break above this level could indicate a potential correction.

Macro Trends and the U.S. Dollar

Pizzino also examines macro trends affecting the cryptocurrency market, particularly the total market capitalization and the U.S. dollar. He suggests that the U.S. dollar may be forming a major top, which would be positive for cryptocurrencies if confirmed. The total market capitalization continues to trend upwards on higher time frames, with key pivot points to observe for potential breakdowns.

Conclusion

While Bitcoin has achieved a significant monthly close, the low volume and volatility indicate caution is warranted. Investors should monitor key support levels for potential breakdowns. Macro trends, such as a potential top in the U.S. dollar and the uptrend in total market capitalization, provide a broader context for analyzing Bitcoin's future price action.

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