BIG GAINS! BITCOIN PUMPS & XRP, ETHEREUM & SOLANA PRICES RISE! HUGE WHITE HOUSE CRYPTO MEETING!

**Tony Edward** (0:04)
Hey folks, welcome into The Thinking Crypto Podcast, your home for cryptocurrency news and interviews. I'm your host Tony Edward. On your way in, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, please be sure to follow and leave a five-star rating. Okay folks, we have to start with the price of Bitcoin and the altcoins because we're seeing some really nice price action. As I'm sure many of you have seen, today Bitcoin crossed $68,000, then it proceeded to go to $70,000.
The really good sign is that it is knocking at the door of the 200-day moving average. If you've been a subscriber of this podcast, you know that when we are above that 200-day moving average definitively, it's a bull market. When we are below it, it is a bear market. If you look at when the price starts to dip below the 200-day moving average, we've entered bear markets. But we knocked at that 200-day moving average back in June, it looks like here, yeah, actually May, and we got rejected. Will we get rejected here or are we about to break through and confirm that the bottom is in? That's where we're going to have to be patient, but we're seeing some really nice price action. So Bitcoin right now trading just below $69,000.
We are not definitively above the $2,200 day moving average and we need to close above that. Remember, we have to break through, correct, build the support levels, and then keep moving higher. But we got to get through there and close above it, right guys? So this is a critical point and there could still be the possibility of a downside move to test some lows, maybe the 50Ks doesn't mean it has to happen. It's not guaranteed, but you can't rule it out until we get the confirmation. So I hope you understand what I'm saying. Now on the daily chart, the RSI is overheated, it's in the overbought zone. So expect a bit of a pullback, but that doesn't mean the rally is over and there's going to be a huge sell off. It could just be a cool down after a big move.
Then we cool down a bit, then we spike back up and maybe we break through. That could be the confirmation that we're turning the corner. If you go back to 2022 and when we turn the corner into 2023, you'll see the similar pattern. Again, nothing good happens below the 200-day moving average, but once you're above it, it's a very good sign. Again, if you go back to 2022, December 2022 into January 2023, we broke out above it and then we didn't pump to new all-time highs. It was simply starting to make higher highs and higher lows relative to where we're at in the cycle. Then we are still climbing our way and then we are pretty much in the next bull market. Remember, it's not a pump immediately to new all-time highs. It plays out over the next couple of years. This is a really critical time and certainly a time to pay attention to the market. I've been telling you guys for months now, I've been buying the all coin dip because I believe we're nearing a bottom. Even if there's another flush down, doesn't matter because I have the macro view. I'm looking to swing trade some of it and some of it is long-term. It doesn't matter that, what if there's one more dip, Tony? What if it goes up? Who cares? Look at where we're at. The majority of the downside move has been completed for Bitcoin and the all coins.
The MACD on the daily has flipped bullish. Again, let's see how this plays out. Now, the weekly chart, which we've been covering a lot and I've been highlighting it in my newsletter, and I put it right up today, it looks beautiful. Guys, the weekly chart just looks great. That bullish divergence is playing out and the bulls are in control. The MACDs completely flipped bullish, that RSI ascending.
So let's see again, maybe one more flush down, but we keep moving higher. I think we're at the cusp of turning the corner. So this is really great. And the additional confirmation of this is USDT dominance, the stablecoin dominance, the stablecoin liquidity that's making its way into the crypto market. That is breaking down. That has a bearish divergence, the MACD has flipped bearish, and you look at red candles forming on this USDT dominance. So I hope you understand the inverse, right? And this is just further confirmation. If you look at the DXY, the dollar currency index, that is dumping, and that's why you've been seeing the stock market doing really well. Now it's crypto's turn. So all of these things align very well and is showing us that we're getting a bit more towards risk on, right?