Bitcoin [BTC]: It's TIME! Crypto Is Now Ready.

Michael Pizzino

Market Update Summary

The cryptocurrency market is nearing its all-time highs, but late investors in meme coins are still down by around 50%. To determine if the market will surge to new highs, several key indicators and charts are being tracked.

Key Points

  • The daily exchange volume chart shows steady volume, but a higher low is needed to confirm a sustainable trend.
  • The spot ETFs have seen excessive inflows, which can be an inverse indicator to the market.
  • The 24-hour volume is up by about 8%, and liquidations are low.
  • The long/short ratio is balanced, which can lead to a genuine move in the market.
  • The total market cap is less than 9% away from printing a new all-time high.

Bitcoin and Altcoins

  • Bitcoin is down on the weekly time frame but still up on higher time frames.
  • The true altcoin market cap is showing some strength, with a potential divergence from Bitcoin.
  • Ethereum is one of the poorest performers among large-cap altcoins.
  • Solana has pumped to its 50% level, but selling pressure is expected at this level.
  • XRP has broken to new all-time highs after seven years.

Meme Coins

  • Doge Coin is still down 46% from its all-time high, but an early indication of a potential comeback is a high low above 0.6 cents.
  • Bonk is still down around 50% from its all-time high, but a trend change above its trend line could lead to a retest of its 50% level.
  • Pepe and Dogecoin are in better positions, with Pepe trying to get back on top of its 50% level and Dogecoin breaking above a previous support zone.

Conclusion

The market is getting close to breaking into fresh all-time highs, but key signals are still needed to confirm a sustainable trend. The true altcoin market cap and Bitcoin dominance are being closely tracked, along with important volume signals.