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#ALTS MARKET CAP ANALYSIS The ALTS market cap is trading within a descending triangle pattern and is currently attempting to break its horizontal demand zone. A breakdown from the triangle, followed by a successful retest of the broken support, would likely lead to a further decline in the ALTS market. This scenario would confirm the bearish sentiment and indicate a continuation of the downward trend. However, there is also the potential for a bounce from the demand zone within the triangle. The Ichimoku Cloud is positioned above the triangle and is acting as resistance. If the market breaks out from both the descending triangle and the Ichimoku Cloud, it would serve as a strong bullish confirmation, signaling a potential reversal and the start of an upward trend for the ALTS market.

From a valuation perspective, Bitcoin has reached a level where it is either at a bottom or due for a major correction, similar to what occurred in the summer of 2021. MVRV Z-Score | @cryptoquant_official

🇸🇻 JUST IN: El Salvador is buying the Bitcoin dips.

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Moving towards technical indicators, we can use the widely used Mayer Multiple metric, which assesses the ratio between Bitcoin price and its 200DMA. The 200DMA is often used as a simple indicator for assessing bullish or bearish momentum, making any breaks above or below a key market pivot point. The 200DMA currently resides at a value of $58k, once again providing confluence with on–chain price models. Discover more in the latest Week On-Chain below 👇 https://glassno.de/4cOHEej

#BTC/USDT ANALYSIS After the rejection from the descending triangle resistance trendline, Bitcoin is currently attempting to break its horizontal demand zone within the triangle. The Ichimoku Cloud is also acting as resistance above the triangle. We need to wait for a successful breakout or breakdown to determine the next move.

#BTC gone our way and dropped hard back to $60,000 and even surpasses below, by which printed a new lower low. Another liquidity grab happened and might push to the upside now but not a reversal.

Bitcoin falls below $58K for the first time in 2 months The price of Bitcoin briefly dropped as low as $57,900 amid a wider sell-off in the crypto market. 👉 Read More

Dogwifhat on Vegas Sphere team ‘90% confident’ plan will go ahead One of the organizers behind the crowdfunding initiative says discussions with the Las Vegas Sphere are progressing and is confident the plan will eventually go ahead. 👉 Read More

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