Good morning, Welcome to your daily crypto clarity
WHAT YOU NEED TO KNOW
The messy price action in cryptocurrencies continues as several bearish price divergences creep up in equity markets.
Positioning and sentiment within crypto markets have cooled off as price action
Blackrock’s Bitcoin ETF $IBIT has experienced its first day of higher volumes than Grayscale’s $GBTC product.
FEATURED CHART
As crypto prices continue to churn sideways, interest in the spot market has dwindled. Bitcoin’s spot volumes have declined to their pre-ETF hype levels. Combined with other confirming indicators, both in the derivatives markets and on-chain, it paints a picture where the consensus bullish sentiment has cooled off in a healthy fashion.
WHAT TO LOOK OUT FOR
We’re still continuing to monitor this trading range in Bitcoin. If prices remain stuck between 40,000 and 45,000, we’re anticipating more messy price action in the short-term.
We’re closely watching to see how equity markets respond to a growing number of potentially bearish divergences.
We’re monitoring whether a handful of breakouts in leading cryptocurrencies will remain successful, or whether they will catch down to Bitcoin and fail.
You’re all caught up.
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