Looking at the Market Cap
- $249.5 Billion in Total Market Cap
- $141.4 Billion in Bitcoin Market Cap:
- Around 56.7% of BTC Dominance
What can we understand from this breakdown?
- Trading Volume isn’t enough: It is proved that only volume isn’t enough, because direction for the future is not yet decided.
- Check Daily chart’s RSI: Whenever there is any drop under $7500 it gets reflected on RSI chart, as its indicator stopped at 60 and where it got support. RSI is at 64 and is still bullish compared to 2019 scenario.
- What is very important to know is the bullish signal of Stochastic RSI oscillator, because it crossed the oversold area.
- If you want to know about BTC open short positions: then there’re 19K Bitcoin positions.