Bitcoin Dominance Update

[inoes]

I just hope that someday the domination of BTC will get smaller in the market, so that people will not be afraid of the BTC dump.
because the experience from the past is that if BTC dumps then the market starts to be bearish too, ... So let's start switching to some coins so that the strength of BTC decreases. and create a bullish market even longer

[bbc.reporter]

Tesla selling bitcoin is old news. It was originally bearish however given that they only sold 10%, people considered it pretty bullish. They sold for 2 reasons. One was to test liquidity to make sure they can exit the entire position without moving the market and the rest was they needed the cash for something else, hence why they sold some of it.

Its not bad to take profits from time to time so its understandable what they did. You all should take profits even if its just 10%. Sure it might rally from here however if it topped $65K at least you don't want to be holding the bag for years without taking any profits along the way.

I disagree. This should raise more questions because this might only be the beginning. What would stop Tesla or Ark Invest from testing the liquidity again on the 2nd quarter to make certain that they can exit their positions? We should be skeptical of this.

Also, it appears that everyone is only looking at the outflows of bitcoin from Coinbase but ignore the inflows to Binance for possible dumping.

https://www.viewbase.com/coin/bitcoin

[pooya87]

I disagree. This should raise more questions because this might only be the beginning. What would stop Tesla or Ark Invest from testing the liquidity again on the 2nd quarter to make certain that they can exit their positions? We should be skeptical of this.

Considering the fact that the drop below $60k had nothing to do with Tesla at all, any future sales from them is not going to change anything about bitcoin price either.

Also, it appears that everyone is only looking at the outflows of bitcoin from Coinbase but ignore the inflows to Binance for possible dumping.

https://www.viewbase.com/coin/bitcoin

There is no such thing as "inflow" or "outflow" of coins from exchanges because the bitcoin transactions have no "intention" field inside them telling us where the coin comes from or where it goes to and more importantly why.
Not to mention the coins that are claimed to go to an exchange may not even go there since blockchain analysis is pretty weak. And those that are associated with going to exchange may be the exchange itself moving its coins around to and from cold storage.

[Desscount]

Bitcoin dominance is now at 45%, it looks like this is what caused the Big Cap to go up high,
BCH, ETH, DOGE, XRP, LTC, ETC are all rising rapidly by more than 10%,
and it looks like this is the beginning of the altcoin season, I'm sure. the price could reach 10x easily this year.

[justdimin]

I disagree. This should raise more questions because this might only be the beginning. What would stop Tesla or Ark Invest from testing the liquidity again on the 2nd quarter to make certain that they can exit their positions? We should be skeptical of this.

Considering the fact that the drop below $60k had nothing to do with Tesla at all, any future sales from them is not going to change anything about bitcoin price either.

We can't say that "price dropped without tesla, so we shouldn't worry about a drop with tesla". I mean it can drop without any sales from tesla that is true, but that doesn't mean that it can't drop if Tesla sells neither. This applies to all companies that have a lot of bitcoin, if they decide to sell their bitcoin that will hurt bitcoin price a lot. Not just because they sold, which in itself will definitely drop the price, but the fact that it also will create a hoard of people who will sell because of that news as well.

[lixer]

We can't say that "price dropped without tesla, so we shouldn't worry about a drop with tesla". I mean it can drop without any sales from tesla that is true, but that doesn't mean that it can't drop if Tesla sells neither. This applies to all companies that have a lot of bitcoin, if they decide to sell their bitcoin that will hurt bitcoin price a lot. Not just because they sold, which in itself will definitely drop the price, but the fact that it also will create a hoard of people who will sell because of that news as well.

Yeah, by combining those two things together and we are in a bad situation. This is why I believe we need to make sure we are doing fine, it is not going to be easy, but if you could manage to find a balance where you are guaranteed and leveraged against a sale that may happen from them, and also even more purchase that may happen from them.

This is just buying and buying and buying so that you could get profit when it increases but having a stop loss in a good place as well.

[bbc.reporter]

I disagree. This should raise more questions because this might only be the beginning. What would stop Tesla or Ark Invest from testing the liquidity again on the 2nd quarter to make certain that they can exit their positions? We should be skeptical of this.

Considering the fact that the drop below $60k had nothing to do with Tesla at all, any future sales from them is not going to change anything about bitcoin price either.

Also, it appears that everyone is only looking at the outflows of bitcoin from Coinbase but ignore the inflows to Binance for possible dumping.

https://www.viewbase.com/coin/bitcoin

There is no such thing as "inflow" or "outflow" of coins from exchanges because the bitcoin transactions have no "intention" field inside them telling us where the coin comes from or where it goes to and more importantly why.
Not to mention the coins that are claimed to go to an exchange may not even go there since blockchain analysis is pretty weak. And those that are associated with going to exchange may be the exchange itself moving its coins around to and from cold storage.

However, what dumps the price if it is not whales dumping on the market? Also, I was only speculating if these liquidity tests from Tesla might be tested again. Is this not possible?

It can be then argued that those outflows are not real outflows, only coins of exchanges from hot wallets to cold storage?

[Reatim]

Bitcoin dominance is now at 45%, it looks like this is what caused the Big Cap to go up high,
BCH, ETH, DOGE, XRP, LTC, ETC are all rising rapidly by more than 10%,
and it looks like this is the beginning of the altcoin season, I'm sure. the price could reach 10x easily this year.

Obviously we can see that Whales are playing with altcoins now since they cannot manipulate bitcoin price anymore.
so what they do is use altcoins to at least Starts to Bag newbies and Noobs Money.

in the past they tend to create somewhat Altcoin season after bitcoin bullrun and bring BTC value to the lowest but now? domination of bitcoin still showing strong while some altcoins are pumping good.

[bbc.reporter]

@Reatim. The biggest whale in the world is playing with dogecoin. It appears that this matters much more than the technology. The maximalists can cry that dogecoin does not have independent mining or active development but did that stop the pump?



SpaceX launching satellite Doge-1 to the moon next year

– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space

To the mooooonnn!!

Source https://mobile.twitter.com/elonmusk/status/1391523807148527620

[Gozie51]

I am still afraid that if BTC starts moving then everything will fall like a house of cards. I am selling my alts at this moment because we all know how alt season turns out every time.  

This time has been predicted to be different from the 2017 market season because the system has changed from a mono investing market to a more open market that big buyers are also playing on. So you won't expect that kind of slump where bitcoin came down from $20,000 to below $4,000. Don't be surprised that many pending buys are just below the current price maybe at $50,000 or within the range. I would hodl more valuable project.

[mrjoy15]

Bitcoin price falls again due to psychological price level at $60K, can buyers break $60k resistance level? $54k support level quite strong, every time bull back from here. But to be honest, I'm planning accumulate forever now. Be sure to HODL through the upcoming events. If the price drops buy way more. Lowering Bitcoins dominance, lead boost Ether price next alts.

[BrewMaster]

i have a feeling that the altcoin pumping hype is near the end, but i may be wrong. i say this because for the past couple of days there has been a small increase in the number of onchain transactions of the mot hyped altcoins that have been pumping, namely DOGE and ETH and their fees have been outrageously high compared to the past and it is rising so fast too. this could escalate and lead to a bubble burst.
if that burst happens we can expect another wave of shitcoin pumps where they sell these shitcoins and start buying some others or they may migrate back to bitcoin and dump all altcoins.

[monineklutak]

i have a feeling that the altcoin pumping hype is near the end, but i may be wrong. i say this because for the past couple of days there has been a small increase in the number of onchain transactions of the mot hyped altcoins that have been pumping, namely DOGE and ETH and their fees have been outrageously high compared to the past and it is rising so fast too. this could escalate and lead to a bubble burst.
if that burst happens we can expect another wave of shitcoin pumps where they sell these shitcoins and start buying some others or they may migrate back to bitcoin and dump all altcoins.

we will not know whether this year will be the same as a few years ago?
It has been seen that the Altcoin price has experienced a high increase, for example Ethereum, and several other large caps,
ADA, ETC, DOGE, BCH have also experienced high increases, but like low coins the current stamp is not many that have not increased,

[STT]

Worlds richest man calls out BTC for its POW system, relevant imo because ETH is in transition to proof of stake which I'd think qualifies as something of a greater efficiency.  Obviously the debate between all alternatives is not simple but if we are discussing the interplay in various crypto standards then we got consider ongoing questions by the wider public.   These massive price gains in crypto rely on that wider public for involvement so expect more kickback on things that have been normal in crypto for years, more shakeups, volatility and change is fair to expect imo.

[bbc.reporter]

Was there another liquidity test from Tesla again hehehe? This will certainly appear to be an Elon rugpull on bitcoin if they are dumping.

In any case, I posted this in a press subforum thread. It might not be a bear market yet, however, this might indicate that we might be near the beginning. The last time there was a bearish divergence with MACD in an elevated level for the price of bitcoin was on January 2018.

[adaseb]

There are alot of indicators that are pointing to the fact that we might be near the top or the top was $65K. Look at how alt coins are pumping lately like Doge, BCH, XRP, EOS, etc. Also look at how people are pouring billions of dollars into joke coins like SHIBA or ELON or AKITA or others.

People on Tiktok are investing $100 and turning that into pretty much $10,000 just by following some 12 year old kids pumping all these tokens. This is pretty much a repeat of ICOs back in 2017. Basically any ICO back then got bought up like crazy and people made crazy sums of money by doing nothing. This time its no different.

Its still too early to tell, it looks like the market might be back on traction after his tweet. Very strange tweet indeed. Most likely it was his board that made him post that.

[Fundamentals Of]

There are red candles all over the charts. Strong red blood is covering both Bitcoin and altcoins. This is probably going to be much worse for altcoins rather than for Bitcoin. The strong altcoin bulls must have already weakened, signaling huge amount of funds to be moving from altcoins toward Bitcoin anytime soon. As a result, I am shortly looking forward to Bitcoin dominance entering 50% once again in the next few days.

[pooya87]

It might not be a bear market yet, however, this might indicate that we might be near the beginning. The last time there was a bearish divergence with MACD in an elevated level for the price of bitcoin was on January 2018.

Just because someone manipulates the market and causes a short term panic sell and even possibly a downtrend for a short time that doesn't mean it is the start of a bear market specially nothing like 2018 bear market since that was because of the big bubble burst at $20k. We are not even close to seeing a bubble in the horizons let alone having a bubble to burst and cause a 2018-like bear market!!!

[bbc.reporter]

@pooya87. I never said that Elon’s tweet would cause the beginning of the bear market similar to 2018. My post included a chart that shows what happened after a bearish divergence in the MACD when bitcoin’s price was on an elevated level. Also, I never said that this certainly indicates the beginning a bear market.

What I am afraid of with Elon’s new position towards bitcoin is this might discourage other institutional buyers from buying bitcoin or if they had plans to buy, they would cancel it.

In any case, there is also a bullish divergence in the RSI which might indicate that the dumps are weakening.

[lixer]

I never said that Elon’s tweet would cause the beginning of the bear market similar to 2018. My post included a chart that shows what happened after a bearish divergence in the MACD when bitcoin’s price was on an elevated level. Also, I never said that this certainly indicates the beginning a bear market.

What I am afraid of with Elon’s new position towards bitcoin is this might discourage other institutional buyers from buying bitcoin or if they had plans to buy, they would cancel it.

In any case, there is also a bullish divergence in the RSI which might indicate that the dumps are weakening.

What Elon did was stop accepting bitcoin for selling tesla cars and I think that is something that the board of directors (if they have one, or whatever else they have) wanted and that's it. Obviously they couldn't say "our shareholders didn't want bitcoin so we are stopping" so he showed another reason, he knew that bitcoin mining was something that spent electricity which is usually what those companies give them, if they could find cheaper renewable energy miners would have used that, it is not their problem how they get it as long as they get it and its cheap.

However reality is that Elon is not moving away from bitcoin, he said that they are not going to sell their bitcoin, they are just not going to accept bitcoin and those are different things. Which is why I think the drop didn't make any sense, he is against miners, not currency itself.