Another uptrend has shaped up trying to break $5600 again

[talkbitcoin]

after the recent drama with Bitfinex and their Tether shenanigans which causes a short term backtrack we are once again on the rise heading over to $5600 to try and break it.
if it succeeds today we can see a big wave of FOMO to shoot the price above $6k easily in less than half an hour.
so far it seems like the buy power is strong enough to break it today. what do you think?

[1714993057]

1714993057

[1714993057]

1714993057

[Tytanowy Janusz]

Yep. It was. We have just break 5600 but without fomo wave to 6000. In my opinion fomo is not creating those 10% in 30 min pumps. Its short squeeze. And there was not that many shorts as it was at 4k range when we get +15% in 2h.

https://cryptopotato.com/500m-usd-of-liquidated-short-positions-bitmex-responds-to-the-futures-auto-deleveraging-events/
$ 500 mil of liquidated shorts only on bitmex while this pump. - 2 april 2019


https://datamish.com/d/000000004/btcusd?refresh=20s&orgId=1
Only $70 mil last 5h. (2h before 5600 break and 3h after 5600 break) - now

[passwordnow]

I've seen the dominance of bitcoin again back @55.2% and that seems to be high again. Most of the alt holders are starting to transfer their funds back to bitcoin. I did a bad moved and sold some @ $5,400 because I thought that it's already stagnant on that price and will eventually go on the dip. But the good thing I was able to retrieve back and rode this run. Few hours from now I'm expecting that it would go back for awhile on $5,700 to $5,600.

[Tytanowy Janusz]

Most of the alt holders are starting to transfer their funds back to bitcoin.

Starting? They are dumping alts at least for 2 months dumping them 30-50% (alt/btc price). Most of alts are very cheap today but they will be even cheaper.
Rule is simple. When bitcoin is boring speculants trade btc/alt boosting alt price. When volatility is coming back to bitcoin speculants sells alts to trade on bitcoin. Thus unless bitcoin will calm down there won't be recover on alts. I think that bitcoin will show now who is the king of crypto and dominance will grow to 65-75%.

[buwaytress]

Just sold a heavy chunk of BTC (my regular sells to pay the bills) on Wednesday, which was accepted yesterday by some lone buyer at $5.3k so a wee bit miffed that this happened like hours after that haha. But there we go, almost 10% move in just a few hours. Just goes to prove you can't really use the news anymore even if it's as big as getting the ol' Bitfinex up your bum.

The volumes are still not quite there though, I'm really surprised by how BTC continues to break those levels and yet without the strength of volume you'd expect.

I think if we see another 2019 this month, and another in June, then the momentum will well and truly be gathering. We're almost back at that 6k level where BTC stayed put for 6 weeks!

[khufuking]

Any logical explanation as to why the couple last uptrends was only on Bitcoin, as much as I am happy with this uptrend but I can't  help but to get scared because with Altcoins not rising even close to Bitcoin level of rising when a correction happens Altcoins will dip badly

[Tytanowy Janusz]

Just sold a heavy chunk of BTC (my regular sells to pay the bills) on Wednesday, which was accepted yesterday by some lone buyer at $5.3k so a wee bit miffed that this happened like hours after that haha. But there we go, almost 10% move in just a few hours. Just goes to prove you can't really use the news anymore even if it's as big as getting the ol' Bitfinex up your bum.

The volumes are still not quite there though, I'm really surprised by how BTC continues to break those levels and yet without the strength of volume you'd expect.

I think if we see another 2019 this month, and another in June, then the momentum will well and truly be gathering. We're almost back at that 6k level where BTC stayed put for 6 weeks!

We had couple confirmation that there is simply none else to sell. Only holders and smart money are left on bitcoin. That's why price is growing without volume.
We had CBOE delisting news without any dump (i know its not bad news but look at it from lambo investor perspective. All of them was waiting for bakkt and btc etf and ... bum bitcoin is being delisted from cboe) It was, in my opinion, fud producing news and should dump bitcoin).
We had "bitfinex print 850 mln" news and only 3% dump? Under resistance? We should see dump at least 10% without this news simply from TA (fighting with very strong resistance, resting from 60% pump) nad we had 3% dump with this news.



I'm very bullish. Of course, we might see even 20% dump now but it won't change my attitude currently because bitcoin is bad news resistant now. That's the first indicator of the end of bear market

[Slow death]

Any logical explanation as to why the couple last uptrends was only on Bitcoin, as much as I am happy with this uptrend but I can't  help but to get scared because with Altcoins not rising even close to Bitcoin level of rising when a correction happens Altcoins will dip badly

when the price of bitcoin begins to rise a lot, people rush to sell their altcoins to buy bitcoin, and this cycle can last a long time making the altcoins fall a lot and for a long time. just see the price that the altcoins had to 5 months and the price have today to realize what I'm talking about


we reach more than $5750 and we are very close to $6000.

[Tytanowy Janusz]

Any logical explanation as to why the couple last uptrends was only on Bitcoin, as much as I am happy with this uptrend but I can't  help but to get scared because with Altcoins not rising even close to Bitcoin level of rising when a correction happens Altcoins will dip badly

when the price of bitcoin begins to rise a lot, people rush to sell their altcoins to buy bitcoin, and this cycle can last a long time making the altcoins fall a lot and for a long time. just see the price that the altcoins had to 5 months and the price have today to realize what I'm talking about


we reach more than $5750 and we are very close to $6000.

In my opinion it's not about bitcoin price grow. It's about volatility of bitcoin because when bitcoin price dump that makes altcoins dump even further what should not happened based on your explanation.

High volatility on bitcoin makes almost impossible to predict alt/btc and alt/usd price since those are related to btc/usd price. So when volatility on btc/usd increase makes short term alt traders go on holiday or trade on BTC/usd since there are finally good conditions for speculation. Their capital moved out of altcoins dump them and makes other (even middle term hodlers) sell what push price even further.

When volatility on bitcoin is decreasing short term traders leave btc/usd pair (bad speculation condition) to trade on altcoins what push price up.

[incomefromcoins]

Now the present market uptrend is supposed to cross more than 10thousand dollars as per technical analysis so we may expect bullish run with this uptrend

[klaaas]

Curious if it will hold with the today rise, no big bear movement yet. If they stay out and the line keeps rising this can be 6k today for sure.

[Rustamm]

The market really looks good today, I hope this time the price will exceed $6000 and strengthen above this mark, but if not, then the mark of $5800 will also be a good step for further price growth. For Bitcoin, it is important to strengthen above $6000 as this is a psychological mark, after which the mention of Bitcoin in the press will increase.

[DeathAngel]

$5,735 on Stamp at the moment, it looks like the bears are really losing control atm. $6,000 a real possibility this weekend.

[Pursuer]

Most of the alt holders are starting to transfer their funds back to bitcoin.

Starting? They are dumping alts at least for 2 months dumping them 30-50% (alt/btc price). Most of alts are very cheap today but they will be even cheaper.
Rule is simple. When bitcoin is boring speculants trade btc/alt boosting alt price. When volatility is coming back to bitcoin speculants sells alts to trade on bitcoin. Thus unless bitcoin will calm down there won't be recover on alts. I think that bitcoin will show now who is the king of crypto and dominance will grow to 65-75%.

I don't really expect what people are calling "dominance" (falsely) to increase that much anytime soon because there still is an unbelievably huge supply of altcoins that bitcoin with its teeny tiny supply (in comparison) is being compared to when calculating that "dominance". on top of that they are injecting trillions of new coins into the circulation every day so despite their value loss they still are bloating the total market capitalization.
this is actually why it is not real dominance and that is why market cap is a worthless number.

[Tytanowy Janusz]

I don't really expect what people are calling "dominance" (falsely) to increase that much anytime soon because there still is an unbelievably huge supply of altcoins that bitcoin with its teeny tiny supply (in comparison) is being compared to when calculating that "dominance". on top of that they are injecting trillions of new coins into the circulation every day so despite their value loss they still are bloating the total market capitalization.
this is actually why it is not real dominance and that is why market cap is a worthless number.

Well...indeed total market cap of all coins is worthless. I even created topic for that: https://bitcointalk.org/index.php?topic=4454711.msg39856027#msg39856027

But in my opinion 65% bitcoin dominance according to what people call it is not that hard.
Currently total marketcap is equal to 185 bil, bitcoin is worth 102 bil, the rest of top 25 coins from CMC are worth 65 mil. We only need 25% alt/btc price drop ($16 bil) from top 25 CMC and bitcoin dominance will surge above 60%. In my opinion it is possible since most of those coins are close to supports. And we are taking into consideration only top 25 CMC. Those trillions new coins every day are for sure boosting MC but they are most often top 300 - top 500 CMC ($5-10 mil worth each). To cover $16 bil loss we will have to see 2200 new coins listed on CMC.

You are right. 75% is too much. But 65% is plausible.

[hahay]

This is a cycle in which an increase will occur on each coin, which means the market has a good uptrend. Although there will be many people who sell their altcoins to get a better profit in bitcoin, but with trends like this and for the future it is not wrong to wait longer to trade altcoins, but whatever it is, a choice must be made, FOMO it will be something that will make a maximum immovable increase because it might be a correction when the pump is happening because many of them sell.

[Pab]

There is typical saucer formation to me
I will watch now 5800$ area if break 6200$ -6500
we have Friday volume will slow down during weekend i guess but weekenders can brought price up

[BrewMaster]

there seems to still be some sort of fear in the market that is preventing that FOMO from happening and pushing the price up above the $6k. probably it is (at least partly) because of the recent bitfinex stuff with their Tether issues but also it might be due to the large scale FUD that has been circulating over the past week with lots of "fake speculation" talking about drops just because they had placed a bunch of shorts which they wanted to fill

[coinplus]

I can't believe the fact that bitcoin is going up no matter what. We have been really going up and not looking back for the past month, anytime price goes down a bit everyone starts to panic and think this is the "correction" that we will see but anytime we go down even a bit we go higher and higher. We are above $5700 as of right now and I believe even if we fall a bit (not $4500 like some claim but to $5200 levels again) then we will go back up even higher and even reach 6 thousand dollars finally.

Each of those thousand levels is a big breaking point for bitcoin and anytime we break those we are probably never going back to previous one for a long time unless another bear run unleashes by some bitcoin rich person selling thousands of bitcoin all at the same time.

[Gaaara]

It will probably break and go higher than $5600 but base on how I see it $6000 won't be the price floor and it can go up and down within $200 dollar range, $6300 and above is just a mere optimism it may happen but not that fast the possibility is too low but there is still a chance. We have few news regarding bitcoin and it won't get hype without any event that might trigger the alarm, prediction wouldn't be that necessary unless something unexpected occur.