Hello everyone, hope you are well. BTC update. Yes, BTC is moving in price, but very little people are actually buying BTC. The vast majority of people are on the sidelines. See above the statistics as per the time of writing gotten from coinmarketcap.
Altcoins have been bleeding like they have never bled before. This means the move in BTC is, in its majority, derived by people selling their alts and moving to BTC. Very little new money entered the market. Now, is this move sustainable? I believe it is not IF no new money enters the market.
How can you tell if new money enters the market? Keep an eye out for total market cap increasing while BTC dominance stays relatively the same and alts increase/consolidate. Right now, that is absolutely not what we are seeing.
We see total market cap increasing, BTC dominance increasing and alts seriously bleeding. Daily RSI is at 76, which is alarming to say the least. BTC is also approaching 50week MA, which has proved as VERY strong resistance and support in the past. IF the weekly closes above the 50week MA and new money enters the market this bull run will have considerably more validation. For now, it does not.