Unusual BTC Weakness Suggests the Presence of Motivated Sellers

Discussed in today’s video:

• BTC dropped more than 4% while dominance also moved lower. That pairing is extremely rare and usually appears during periods of forced or highly motivated selling. Today’s altcoin resilience (on a relative basis) supports the view that the pressure is concentrated in BTC.
• Funding remains positive, and the Coinbase discount persists.
• FOMC communication continues to lean hawkish. Soft job data and strong NVIDIA earnings next week could support a dovish “pivot” and strengthen overall risk appetite.
• Overall, while I think the odds of a bounce are rising, I continue to favor a defensive posture toward the crypto market in the immediate-term.

Tickers in this video: BTC -4.17%