Despite the selling pressure in the US and global indices during the week, we observed that Bitcoin diverged positively.
Looking at today’s movements, we observe that the selling pressure in US futures continues.
Dow Jones futures continue to trade down 0.73%, while losses on the S&P 500 and Nasdaq are over 1%.
When we look at the dollar index, we observe that it rose above 94 points again, receiving support from the 93.800 level.
Bitcoin, which managed to break out positively from the indices during the week and exceed $ 50,000, is trading with a negative premium of 2% today.
We see that the escape from risky products has started in global markets. At this point, if Bitcoin continues to diverge positively from other markets, it may attract the attention of more investors. However, only time will tell how long we can resist the rise in the dollar.
What is the Latest Situation in Altcoins?
We observe that the risk appetite in altcoins has decreased with the rise of Bitcoin in the market. Bitcoin’s dominance in the market has risen to 44.3% today.
It’s a scenario we don’t want to see BTC price drop as BTC dominance rises. With the rise in BTC dominance, losses in major altcoins reached 5% and losses in other altcoins reached 10%.
When we look at the chart of Bitcoin in the short term, we see that it is about to break its falling trend. If there are over-trend closings, we can see sharp rises. As long as it stays under the trend, the selling pressure will continue.
