A Possible Breakdown For BTC.D If Bitcoin Rallies?

May 31, 2022

Many are speculating that Btc.D will continue higher and alts will bleed out more in their alt/btc pairings if bitcoin is to have a relief rally now. However the RSI is over 70 which several times in the past was the sign that a reversal was immanent. Since BTC/USD reached its low of May 27th at approximately 28,200, it has since rallied 14%. A few hours later ETH/BTC hit its low at approximately 0.06 and has since rallied almost 6% since then. So since Bitcoin has begun to recover slighlty in price many alt/btc pairs, have also recovered. This is indicative of potentially what is to take place which is a fall in btc.d and a rally in alt/btc pairs as bitcoin has a recovery rally. However it is still early to tell at this point if that scenario will take place.

May 31, 2022

Note

As BTC.D spikes when bitcoin has an upward move it seems on the 15 minute candles that that is a result of the new money entering the market to catch the rally is flowing into bitcoin largely compared to alts. Therefore the btc.d spikes. However it is not necessarily entirely that people are selling their alts to hold btc, there is just new capital flowing into the market into bitcoin which offsets the btc.d percentage.