Last weeks high: $99,474.13
Last weeks low: $93,399.17
Midpoint: $96,436.65
Fear & Greed Index: 49
Despite dull price action there is never a dull moment in crypto... BYBIT exchange was the victim of the largest crypto hack in history with $1.4B worth of ETH being stolen.
How does this event relate to price? On the grand scheme of things not much, which is surprising but what this sell-off does in terms of structure could be much more harmful IMO. Just as ETH broke through a key S/R level of $2780 the hack occurred sending ETH back under that level and a market sell off due to fear and risking-off. Had Ethereum accepted above that key level structurally the setup looked primed for a move to $3200. Not only that but BTC has broken above weekly high and looked to flip the 4H 200 EMA. These levels are so important to both coins and the timing of the hack cannot be understated.
Looking at this weeks chart we find ourselves in the same spot for the 3rd week in a row, $96,000 has been the starting point and midpoint emphasizing the choppy nature of the market and compression of price. The question is which way will BTC expand once this trend breaks, to the upside or to the downside?
Last weeks low: $93,399.17
Midpoint: $96,436.65
Fear & Greed Index: 49
Despite dull price action there is never a dull moment in crypto... BYBIT exchange was the victim of the largest crypto hack in history with $1.4B worth of ETH being stolen.
How does this event relate to price? On the grand scheme of things not much, which is surprising but what this sell-off does in terms of structure could be much more harmful IMO. Just as ETH broke through a key S/R level of $2780 the hack occurred sending ETH back under that level and a market sell off due to fear and risking-off. Had Ethereum accepted above that key level structurally the setup looked primed for a move to $3200. Not only that but BTC has broken above weekly high and looked to flip the 4H 200 EMA. These levels are so important to both coins and the timing of the hack cannot be understated.
Looking at this weeks chart we find ourselves in the same spot for the 3rd week in a row, $96,000 has been the starting point and midpoint emphasizing the choppy nature of the market and compression of price. The question is which way will BTC expand once this trend breaks, to the upside or to the downside?
Note
Lowest BTC levels since OCT '24 answering my previous question, "which way will BTC expand once the trend breaks?"Fear and greed index @ 25 (Extreme Fear)
The threat of $86K has been looming for a while, the important thing is now how will BTC react? Bids are piled up @ $85K area, most important NY open for crypto since inauguration day IMO.
Note
An interesting observation when looking at BTC.D despite a severe drop bitcoins dominance is also down. Generally bitcoin outperforms altcoins during a sell-off but not this time around, altcoins are generally holding up better across the board. This could be because altcoins are already bottomed, they have been selling off consistently while BTC has chopped in a range. Keeping a close eye on how this develops.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.