Bitcoin [BTC]: This Is A Warning Signal For Crypto.

Market Analysis

The market is experiencing a significant downturn, with liquidations exceeding $2 billion and a long-short ratio favoring the short side. Despite this, the speaker remains macro-bullish, citing a lack of confirmation that the macro trends have changed.

Key Points

• The total market cap has broken down below $3 trillion, with a potential next support level at $2.7 trillion.
• Bitcoin is stuck in a "washing machine market" between $89,000 and $109,000.
• The speaker is looking for signs of capitulation, including a strong daily close and a break of the current downtrend.
• The 50% level of the market's all-time high to correction low is around $79,300.
• The speaker is tracking a potential alternative wave count that suggests the top of the market may already be in.

Bitcoin Analysis

• Bitcoin is currently trading below $100,000, with support levels at $89,000 and $92,000.
• The speaker is looking for a break above $99,500 to suggest a potential rally.
• The daily exchange volume is currently sitting at $461 billion, up 191% from the previous day.

Macro View

• The speaker remains macro-bullish, but is keeping an open mind and considering all possibilities.
• The macro trends remain up, but the speaker is tracking a potential warning sign that could indicate the bull market has come to an end.
• The speaker will continue to monitor the market and provide updates on any changes to their thesis.