Altcoins continue to lag while Bitcoin shows renewed strength, flirting with reclaiming all-time highs and pushing further.

Sentiment remains firmly bullish—but it’s predominantly bullish for Bitcoin. As the “risk-off” asset within the crypto space, Bitcoin is absorbing the lion’s share of capital flows. The recent European Union tariff debacle hasn’t just stalled price progress; it’s dampened sentiment across the broader market. With increased macro uncertainty, investors are less inclined to take on additional risk through altcoins, preferring instead the relative safety of Bitcoin.

This shift in preference is evident in Bitcoin dominance, which is steadily climbing and now nearing 65% once again. Meanwhile, the total altcoin market cap remains in consolidation, effectively waiting for Bitcoin to dictate the next major move. The Fear & Greed Index is sitting just one point shy of “Extreme Greed.” Despite Bitcoin’s recent bullish momentum, altcoins remain sluggish and secondary—no meaningful signs of an altseason on the horizon.

No Advice Warning 

 

Disclaimer 

All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.

Copyright © 2024 Stormrake Pty Ltd, All rights reserved

Yet again, Trump has walked back on his tariffs that he just announced. Less than 72 hours ago, Trump posted on Truth Social that he is recommending a 50% tariff on the European Union set to begin on June 1. Halting all momentum the bulls had, Bitcoin was on the brink of setting another all time high before undergoing a near 5% pullback and altcoins drew down even more so.

This morning Trump has just announced a pause on these exact tariffs, claiming the President of the European Commission contacted him and request an extension of deadline, and Trump agreed, a pause until July 9, giving both parties time to negotiate.

Bitcoin immediately jumped 1.60% on the news, providing the bulls with some relief after negative impact of the initial tariff announcement. This sentiment was shared across risk on markets, with both S&P500 and Nasdaq futures up 0.78% and 1.01% respectively within the hour of the tariff pause. The weekend saw sentiment start to shift back to the extreme greed territory, going from 66 following Trump’s initial tariff announcement to 73 and just two points away from extreme greed.

Despite the pullback as a result of the tariffs, Bitcoin has just closed its seventh consecutive positive week, the longest streak since November 2023 which was eight straight weeks of positive price action. This slight pullback should be welcomed and expected, event after all this price action, Bitcoin is knocking on the door of $110k once again, showing the display of strength of Bitcoin.

No Advice Warning 

 

Disclaimer 

All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.

Copyright © 2024 Stormrake Pty Ltd, All rights reserved