1/5. Yesterday, #crypto rallied +4% in what was fourth consecutive day of gains. So no surprise to see profit-taking today.
Although sentiment alone doesn't dictate the direction of the market and can flip at any point, glimpses of a bullish bias have emerged.
A quick thread 👇
Although sentiment alone doesn't dictate the direction of the market and can flip at any point, glimpses of a bullish bias have emerged.
A quick thread 👇
2/5. For starters, the rally over the past few days caused #bitcoin perp. futures funding rate to flip positive (longs paying shorts) for the first time in ~2 weeks. This suggests market sentiment is bullish.
Also, open interest jumped after falling for a week. Shorts closed.✅
Also, open interest jumped after falling for a week. Shorts closed.✅
3/5. As a proxy for market sentiment, we can look at the beloved Crypto Fear & Greed Index (@BitcoinFear).
The index went from "Extreme Fear" territory to "Fear" territory earlier today. At the moment, we're making higher-highs and might be on a path to mean revert to "Neutral."
The index went from "Extreme Fear" territory to "Fear" territory earlier today. At the moment, we're making higher-highs and might be on a path to mean revert to "Neutral."
4/5. As it relates to technicals, still waiting to see #bitcoin hold above $35K before resting $42K. Even then, we'll need $42K to turn to support before we can even think about $BTC heading to a new all-time high.
https://twitter.com/1337_pete/status/1408792354048331780?s=20
5/5. So, what about the alts? If #bitcoin can keep pressing higher, the alts could steal the spotlight in July.
$BTC clearly outperformed in June. But as recently noted, it has underperformed YTD (even on a risk adj. basis).
Top 25 cryptos MTD returns:
$BTC clearly outperformed in June. But as recently noted, it has underperformed YTD (even on a risk adj. basis).
Top 25 cryptos MTD returns:
https://twitter.com/1337_pete/status/1408107922371006468?s=20
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