Market overview of cryptocurrencies

Crypto Market Review

📍The market is trading in a narrow range. BTC dominance is increasing, and currently, altcoins are noticeably weaker than BTC, even after the recent surge. ETH is also falling relative to BTC. There is an anomalous accumulation of shorts on BTC, indicating that if there is an upward movement, it will be sharp. Next week, there will be increased volatility, at least due to the publication of consumer inflation. And there is a high probability that we will see a breakout from this narrow range in one direction or another.

✔️News The Sushiswap hack for more than $3.3 million has greatly reduced the token’s quotes.

✔️Base scenario Currently, many are expecting a downturn in the crypto market, followed by a continuation of the uptrend. And this scenario is possible. If there is a decline, we will likely see a false break of the range and a return. But I am leaning towards positivity today and in the first half of the week, and towards a decline closer to the inflation report. Therefore, I am currently trading from a long position.

The weekend is passing very sluggishly, which is surprising to me. As there was positivity in the over-the-counter stock market on Friday, but this was not reflected in the cryptocurrency market.