BTC’s market capitalization falls below $ 600 billion after GBTC’s doomsday scenario fails to materialize






BTC’s market capitalization falls below $ 600 billion

The world’s most valuable digital asset lost about 6% of its value in the last 48 hours, and its total market capitalization fell below $ 600 billion.

At $ 30,500, Bitcoin is currently trading near its lowest level since June 26, 2021.

The overall market capitalization of digital currencies touched a low of $ 1.27 trillion on Monday after the latest Bitcoin and Ethereum selloff. ETH remained the worst performing cryptocurrency in the top 5 in the past 48 hours.

Ethereum is now down about 10% within the same time frame.
The rule is simple: potential clients for bitcoin and altcoins (including Ethereum) follow with higher volatility. As of this point, there is no reason to expect this rule to change.

Crowded commerce

Bitcoin futures funding rates have hit negative territory along this seemingly endless sideways range. This means that a good number of derivatives traders confidently expect prices to decline.

Based on the data above, BTC / USD has continued to fluctuate and wind within the lower bound area near $ 30,000. Historically, there has rarely been a point where months of downtrend and negative funding rates resolved to the downside. . The same could be said of the reverse situation.

In fact, the crowd is often wrong on short-term moves, but correct on a long time horizon (hence the saying, “wisdom of the crowd”).

Could this be one of those moments?

Short compression load

As several traders and influencers have pointed out, BTC / USD closed the weekly below the 20-week moving average (not to be confused with the exponential MA), indicating a downtrend on the weekly time frame. However, the closure was marginal and leaves room for interpretation. This makes the indicator less significant and awaits further confirmation.

If the range holds, then liquidity rests to the upside, with $ 33,500 being the first point of interest for the bulls. This range environment does not rule out a potential breakout wick (4 hours) at the 20-month EMA at $ 27,140. In my opinion, this scenario is less likely considering the financing rate situation. As mentioned in a previous newsletter, the GBTC unlocking story was overrated and did not materialize in an apocalyptic scenario.

Can Bitcoin bulls pull it off or will the bear season continue for weeks to come?

Time will tell.

See you later.

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Christopher Attard
Chris Founder at Crypto
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