Investors are looking at the same things as previously: yields, inflation, recovery optimism/pessimism, and then decide what kind of risk they want. Yesterday, with the 10-year yield retreating from a 14-month high, equities broke a losing streak and rose about one percent across the board.

While that was happening, BTC lost. The session is closing about 5% down, from $57,500 to now $54,400. It’s worth noting that the implied volatility on BTC has declined to December levels, which was not a bad place to be at but might suggest some of the exuberance has now cooled down.

A notable point during this retracement is that the BTC Dominance index actually retreated as well, meaning that investors didn’t get fearful or return to the safety of King Coin, rather, they were selling to cycle to alts. From a charting perspective, it looks like the index is retesting the neckline of a head and shoulder, hinting at potentially more downside -good for alts.

While ETH and LINK were flat versus BTC, DOT gained, along with XTZ, XLM. We also saw the odd coin jumping up like SOL or, maybe not so odd, XRP.

From a charting perspective and looking back at BTC, it was interesting to pick-up on the Long MACD and see the moving averages crossing on the weekly, along with the indicator turning red for the first time since September. Naturally, this is just one indicator among a flurry of other ones, but something to be aware of if you need to protect against downside risk or lock-in some profits.

Away from charting and towards recent news, Jerome Powell said that crypto assets looked closer to gold than the USD. I assume he was thinking of BTC specifically -as anyone understanding say ETH or LINK or DOT wouldn’t compare them to a precious metal. In any case, considering how the dollar has been doing relative to BTC, I’m happy to hear officials highlighting that, indeed, they’re not the same.

When buying more BTC, I often think: I’m not really longing BTC as much as I’m shorting fiat.