U.S. Dollar Index (DXY) shows some strength these days, bouncing from the support, and typically strength in DXY is not a good sign for #bitcoin (which is logical, given that we are talking about the relative exchange rate of bitcoin to the dollar).
"Although the crypto market tends to consider BTC breaking over $30,000 as a strong positive sign, or even the beginning of the long-awaited bull run, I would rather stick to a cautious position. We see that the market capitalisation is not growing that fast yet, which means institutional investors still don't rush to enter the market, while BTC price growth is mainly empowered by the short position liquidation, as well as retail investors' inflow," Ruslan Sharov, CEO & Co-Founder of Cheelee, believes.
So in the short term, obviously, there might be some shallow corrections in an upward trend, which should not make you forget the bigger picture: bitcoin and crypto are strong from the on-chain perspective, market conditions look far from overheating, and even macro environment looks quite favorable.
The bottom is in for this market cycle, and we're currently at the capital rotation turning point across cycle transitions.
"Another worrying sign is the growing BTC’s dominance, which remains at the highest level it’s ever been over the past two years. This trend is caused by massive liquidity drain from the altcoins, so it's more likely we are witnessing one more global correction," Ruslan Sharov, CEO & Co-Founder of Cheelee, adds.
So, regarding having fun…
Some investors expect an altcoin season in the upcoming weeks.
Ok, but there're so many #altcoins; how do we know which ones will move near term? That's one of the main mysteries of the crypto universe, actually. But we'll stick to our scientific method here, too, and refer to the #crypto Twitter's hivemind again.
Alts Watchlist from the Crypto Twitter Hivemind
To All the Sidelined Anons
Zen is what you really need, and your lifetime is your actual wealth.
The Holy Grail in Place of a Disclaimer
Please follow this link for a complete list of the educational content from @CryptoCred. This is one of the most valuable resources for beginners in trading and on the crypto market, available to everyone for free; that is an invaluable gift from @CryptoCred to the crypto community.
And from now on, I suppose, all the other disclaimers will be meaningless banalities for you.