BTC whipsaws but select Alts soldier higher following May break-outs
BTC’s temporary break out leaves it back in the box but Alts continue to trend higher. BTC, once again, whipsawed traders over the past few days temporarily gapping up above the widely watched 10K resistance level only to gap back down into its May trading range to test 9.1K support and settle back to where it all started near 9.5K. It all reminds us of the title to the Pharcyde’s classic 1992 debut album Bizarre Ride II. So while BTC’s near-term trading was somewhat bizarre, the overall technical outlook has not meaningfully changed. In fact, the more interesting development in crypto continues to be the positive divergence in the Alt space we have been highlighting here over the past three weeks.
Fundstrat proprietary FS CryptoFX Indices continue reflect improving crypto technical internals - Similar to BTC, the FS CrypoFX 10 large-cap, FX40 mid-cap and FX250 small-cap indices are challenging, but have yet to reverse, their 2018-2020 downtrends. A rally above their Q1 2020 highs will need to develop to confirm a new uptrend defined by at least one higher high. The FX40 is noteworthy given it is reversing the relative performance downtrend versus the FX 10 that has been in place since Q2 2019. In addition, we would continue to draw investor’s attention to the advanc...Reports you haven't read
Binance.US Announces Suspension of USD Deposits and Vitalik and Polygon Co-Founder Donate to COVID Research
Crypto markets are up slightly on the day, BTC 0.15% has risen 0.54%, and ETH -0.11% has risen 0.15%. Interestingly, the ETH Dominance metric, a metric that measures Etheruem's market cap compared to the rest of the crypto market, has reached its highest levels since the Merge last year and at the peak of the 2021 bull market, indicating that Ethereum is extremely relatively strong to the rest of the market. Altcoins...
Today, we're witnessing a return of familiar correlations as Bitcoin, gold, and equities all stage a mini rally. Today's major macro news was the leap in jobless claims to 261k, a level not reached since October 2021 and notably above consensus. Advocates of continued rate hikes frequently point to the consistent strength of the labor market. However, this new data could signal the onset of a softening jobs market beginning...
INVESTMENT THESIS Given the rise in U.S. treasury yields (5.00% - 5.25% at the time of writing) and the suction of liquidity that ensued from risk assets, perhaps the most useful metric to gauge product-market fit at this stage of the bear market is Total Value Locked (TVL). Essentially, the consideration that is front and center in the minds of savvy investors is, ‘Would this investment or strategy yield better...
Discover market dynamics, risk aversion, and asset impacts. Explore liquidity, short-term bills, and capital flow. Stay informed about FOMC meetings. Uncover expert analysis and a constructive outlook on the crypto market. Don't miss this insightful video for investors. *Recorded on June 5, 2023
