Bitcoin failed to join the risk-on rally this week, dropping 2.57% while major stock indices surged. Altcoins like XRP, SOL, and mid-caps saw gains. Gold and Treasuries rose as the dollar softened, while Brent crude futures firmed. BTC and ETH lagged, with only select altcoins posting gains.

BTC rallied early in the week but fell below $90,000. ETH mirrored this pattern. Wintermute highlighted trading support at $89-90k and resistance at $94-95k. BTC has been trapped between high-$80,000s and low-$90,000s since late November. The 30-day trading range is at the 91st percentile.

ETF flows saw significant fluctuations, with large inflows followed by outflows totaling over $1.1 billion in Bitcoin ETFs. Altcoins like XRP, SOL, and DOGE saw inflows. Wintermute noted selective alt performance and emphasized the need for BTC to lead for risk to move down the curve.

CPI print and Fed commentary on interest rates could impact the market. Wintermute believes the current phase is more consolidation than distribution. On-chain data shows limited Bitcoin flows into exchanges ahead of regulatory discussions, indicating patience among investors.

SOPR suggests subdued profit-taking and low on-chain spending, with investors holding Bitcoin for regulatory clarity. Market indicators point to a patient market rather than a defensive one. Investors are waiting for regulatory certainty before making moves.

Read more at Yahoo Finance: Bitcoin Falls as Stocks Rally, But Altcoins Show Surprising Strength