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- Dgenz Crypto Weekly
Dgenz Crypto Weekly
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
The Weekly Ledger
Weekly Snapshot
Market & Economy Overview
Last week saw a large sell off on Bitcoin due to false claims of a Tether investigation being spread online which was also coupled with the ongoing war in the Middle East where Israel launched its retaliation against Iran. Altcoins have also been suffering, largely due to the increase in Bitcoin dominance, however we should see some relief soon as it approaches this key resistance at ~60%. Market conditions are spectacular across the board right now due to bullish fundamentals and technical price action which has led to an increase of inflows from institutional accumulation as well as investor bias and retail sentiment. The next key fundamental news events to watch out for is the U.S election on Nov 5th where we will see a sell the news event as this is more than likely already priced in, although it could be a delayed reaction about 48hrs later once the election results are announced along with the FOMC meeting too on the 6th/7th where we can expect a 0.25-0.5% rate cut.
Crypto Insights: Weekly Charts
BTC
This week we've already seen a 5.7% rise in $BTC thanks to a successful retest of range highs last week finally getting us out of this last 8 months of chop. Unfortunately though, it may not be all clear skies from here to Valhalla as our next level of interest is going to be the equal highs of $72K we put in back in May & June. A healthy move now would be reclaiming those highs to liquidate the shorts first before dipping back down to range highs to then liquidate the longs before resuming the run up to test all time highs and enter price discovery. The plan for now is still bullish, wait for the $72K highs to be taken out and then either long the reclaim or wait for the retest of $69.5K and ape in there.
BTC DOMINANCE
$BTC.D is fast approaching its next resistance at ~60%, a rejection at this level would see a rally to the upside across the altcoin market.
Bitcoin dominance refers to the percentage of the total cryptocurrency market capitalization that Bitcoin holds. It serves as an indicator of whether market momentum is shifting towards Bitcoin or alternative cryptocurrencies (altcoins). A rise in Bitcoin dominance suggests that capital is flowing into Bitcoin, often signaling increased investor confidence in it as a safer asset. Conversely, a drop in dominance may indicate that altcoins are gaining traction, potentially outperforming Bitcoin in the short term.
USDT DOMINANCE
$USDT.D is still following the downtrend putting in lower highs and lower lows leading to a growing feeling of confidence in the market and more liquidity flow from stablecoins into volatile assets.
USDT dominance refers to the percentage of the total cryptocurrency market capitalization held in Tether (USDT), a popular stablecoin. It acts as a gauge of market sentiment—higher USDT dominance suggests that more investors are moving funds into stable assets, often indicating caution, risk-off behavior, or anticipation of market downturns. On the other hand, a decline in USDT dominance usually signals increased risk appetite, as investors move funds out of stablecoins and back into Bitcoin, Ethereum, or other altcoins, aiming to capitalize on market opportunities.
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Spotlight: Token of the Week
$DOGE
Was called two weeks ago in our discord server at $0.1268, up 35% currently!
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