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Daily Bitcoin and Crypto Analysis

September 6 Daily Crypto Update: BTC is finally back above $50k

September 6, 2021

Justin d'Anethan

With disappointing new job numbers in the US (250,000 actual instead of the predicted 750,000 increase), investors turned fearful of the impact of the delta covid variant and sold risk assets.

Looking at the charts, though, you wouldn’t tell; there’s a slight move down, but that’s about it. Tech stocks actually rose well.

What’s also gained well is crypto. BTC is now decidedly above the 50K mark, hovering around $51,700, after a bullish Sunday where prices rose almost 4% on the session alone.

Interestingly enough, the BTC dominance continues to drop. We’re now settling at around 41.40, showing that alts have and are gaining ground again as the market sentiment turns more bullish and more speculative.

Amongst alts best performers, we’ve seen DOT and the parachain KSM gain massively, with sustained 7-day gains of about 30-35%. LINK and VET are trailing not too far behind with sustained 7-day gains of 25-30%. A coin I’m also looking at that seems to be moving again is MATIC, which stayed put while the rest of the altcoin market moved; it’s down 4.4% on the session but showed solid gains on a longer timeframe.

Besides alts performance, another indicator of bullishness is the positive funding rates across various exchanges’ perps, showing that buyers are paying sellers for their leveraged bets. As always, leverage can create violent set-ups, but, in moderation, it’s a healthy sign of risk-taking.

An interesting chart from CryptoQuant also shows that we have room to go up. We can see that as short positions rise suddenly, the main market is constrained. Right now, the absolute calm suggests prominent players are happy to let prices rise.

An interesting piece of news raised by a colleague suggests that MicroStrategy might be taken out of the S&P SmallCap 600. I haven’t been able to confirm this in other news sources, but it would be an interesting move for the S&P and the crypto space to see how people react.

Lastly, something to pay close attention to is El Salvador. It’s been a while since the bill to make BTC legal tender was passed, but the effect will actually take place tomorrow, on September 7. There are groups of people on Reddit and Twitter pushing to buy BTC to support their initiative, and it’s going to be fascinating to look at the price action and the dynamics of the country’s economics.

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