🥛 How to check the market’s pulse 🩺

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Keeping up with the ever-changing world of crypto can feel like a full-time job. 

Prices are constantly on the move, and it’s not always easy to figure out what really matters and what’s just short term noise.

Take Bitcoin, for example. When you compare its weekly returns (aka volatility) to those of the S&P 500 (US stocks), the difference is striking—Bitcoin’s price swings are on an entirely different level.

This highlights one of crypto’s defining traits: extreme volatility. 

Price spikes—or crashes—can be 10 times larger than what you’d typically see with traditional stocks. And keep in mind, we’re only talking about Bitcoin here. 

Everything else in crypto is even more volatile. 🤯

But what's causing these big market swings? Are they just normal corrections? Or could it be bad economic news, shaky fundamentals, or changing investor sentiment driving the turbulence?

The truth is, we can never be completely sure. But if we take a closer look, we might uncover some clues.

That’s why in today’s report, we’re diving into 14 different charts to uncover the bigger picture. 

By analyzing these different perspectives, we aim to bring clarity to the chaos—and who knows, you might even spot some opportunities along the way.

So if you want to stay ahead of the game, this report has got you covered.

• When’s altcoin season?

• What’s the current market sentiment?

• Which narrative is making waves right now?

• Where’s the big money flowing?

• What’s driving all the new activity?

P.S. - We’re kicking off a brand-new series called Milk Road PRO Deep Dive — scroll to the bottom for more info. 👀 

Not only will this report give you better insights into the market’s latest moves, but it could also help you spot early trends before everyone else. 

Don’t just watch the market—understand it!

We’ve got a ton of charts to share with you, and we’ll break them down in a simple, easy-to-follow guide. We’ve also included direct links for each indicator, so if there’s one you find interesting, you can bookmark it and check back regularly with ease! 😉

By the end, you’ll know exactly how to read them and stay ahead of the game in the markets!

Let’s jump right into it. 

MARKET BREADTH

You might not have heard of this indicator before, but it’s actually a favorite one in tradfi. We’re starting with it because it offers a clear, data-driven view of how the market is behaving.

✍️ It’s a handy tool to help figure out whether or not we’re in an uptrending market.

This indicator tracks how many coins in the market are trending up versus trending down.

Right now, the Breadth50 is sitting at 0.05, while the Breadth200 is at 0.2. What does that mean? 

Only 5% of all existing crypto coins are above their 50-day moving average, but 20% are above their 200-day moving average. 

👉 If the current price is above the X-day (200-day or 50-day) moving average, it’s generally considered to be in an uptrend. And vice versa. 

It gives you a quick snapshot of whether crypto coins are trending—and on which timeframe. 

This guide shows you how you should use it for each selected timeframe: 

• If your coin is up and crypto breadth > 0.5, that’s good. It moves with the market.

• If your coin is up and crypto breadth < 0.5, even better. You outperform the market. 

• If your coin is down and crypto breadth > 0.5…not so great. You underperform. 

It’s pretty handy! But don’t get too excited just yet. There’s a catch. This indicator focuses entirely on altcoins—Bitcoin is excluded. 

And because we’re in the “banana zone” (where the entire market tends to rise), everything is going up.

So, if you’re holding something other than Bitcoin, it’s because you’re betting on higher potential gains. And hey, that’s totally fine—we’re doing the same thing! 

Just remember to keep an eye on this next indicator too.

ALTCOIN INDEX

Now that we’ve got a handle on the market’s overall health, let’s dive into the relationship between Bitcoin and altcoins.

Here’s the big question we’re trying to answer: Are we in altcoin season yet?

The chart below compares the performance of altcoins versus Bitcoin over the past 90 days. 

Only 18% of coins have outperformed Bitcoin during this period. While there was a notable spike last November, we’re still far from extreme levels (above 70%).

In fact, it’s getting tougher to beat Bitcoin – with so many new assets in the mix, attention and capital is spread more thinly across the market. 

💪 But don’t worry—we haven’t seen a full-blown altcoin season just yet.

This chart is super helpful for figuring out whether we’re in a risk-on environment (where investors are confident and chasing higher-risk assets) or if we’re not quite there yet. 

But instead of waiting for the extreme 70% mark, keep an eye on the trends.

If you’re holding Bitcoin or cash but you are thinking about shifting some into altcoins, consider waiting until the chart shows an uptrend and a clear breakout of an important level. 

The lower the level you choose to act on, the more aggressive your strategy will be.

And for everyone else: how can you use this chart to your advantage?

• Pay attention to what’s happening. Is Bitcoin still dominating?

• Look for trend shifts. Is the market starting to change direction?

• Monitor the levels. How long have we been here?

Once you analyze this chart, you’ll have a much clearer view of the market. Don’t feel bad if you’re not beating Bitcoin right now—most people aren’t. 

👉 And the chart above says it all—we haven’t seen an altcoin season just yet!

Now, we get it—it’s tough watching Bitcoin shoot to the moon while other altcoins barely budge.🫣

But that’s the reality of the current market. And remember, timing the market perfectly is nearly impossible, so don’t stress about it.

❗️ But when we finally hit full altcoin season—when this chart is climbing or already above 70—make sure your coins are outperforming Bitcoin. If they’re not, you could be missing out big time.

Now that we’ve evaluated the market structure, it’s time to take a closer look at the market sentiment. 

So let’s dive into some more time-sensitive data, which will help to paint a picture of what might be about to happen, before it actually happens.