Bitcoin’s Price Stability
The cryptocurrency giant continues to demonstrate stability, with its price steadfastly hovering above $36K. This resilience defies some expectations, given the anticipation surrounding SEC decisions on ETF approvals. The lack of immediate impact prior to the SEC decision to delay the Bitcoin ETFs prompts the question: What factors are truly influencing the market?
SEC’s Decision Delays
Franklin Templeton’s approval deadline was set for November 17th and Global X’s for November 21st. Both have been met with delays from the SEC. This pushes the deadlines into early 2024. Earlier in the week Hashdex’s Bitcoin ETF was delayed adding complexity to the narrative.
Market’s Reaction – ETF Narrative or Other Factors?
The muted response of the market to the SEC’s decisions raises intriguing questions. Is the momentum solely tied to the ETF narrative, or are there other forces at play? Beyond the headlines, it’s essential to scrutinize the broader crypto market and what could be in store over the coming weeks.
TOTAL2 Chart Analysis
A glance at TOTAL2, (a chart representing the entire crypto market cap excluding Bitcoin) reveals a new high for the year. Could we be in for some more upside from Altcoins?
Bitcoin Dominance Analysis
Bitcoin dominance, (a chart used to assess Bitcoin’s strength in the market) remains above its Bull market support band. For Altcoin Bulls this is not usually what you would want to see. Altcoin rallies (on their BTC pairs) are associated with Bitcoin dominance below its Bull market support band. Will we see a pullback of Bitcoin dominance over the coming weeks, giving Altcoins some room to stretch their legs? Looking at Bitcoin’s dominance becomes pivotal in anticipating potential market shifts.
Altcoins Rally Conditions
For Altcoins to rally, the desirable condition is for Bitcoin’s dominance to be below its Bull market support band or at least a pullback to the band. Speculating on future trends, particularly if Bitcoin price takes a breather and moves sideways, we could see some Altcoins surge further on their USD pairs.
What’s next for the markets?
Considering scenarios where Bitcoin price experiences a period of consolidation, sideways movement could provide the breathing room for Altcoins to further rally against their USD pairs. Additionally, if Bitcoin dominance drops we could also see an Altcoin rally on their BTC pairs.
