▫️ BTC (4-hour chart): After breaking out of the descending channel, Bitcoin’s price movement is occurring within the framework of a Symmetrical Triangle. Currently, the price has again approached the upper boundary of the pattern, which acts as a resistance level for the asset. The RSI line has closely approached the exponential moving average (EMA) 21, and a drop below it would be the first signal for Bitcoin’s pullback.
A Symmetrical Triangle is a continuation pattern, meaning that there is a higher probability that the price will continue the trend that preceded the formation of the pattern, in this case, an upward movement. However, initially, a false breakout of the lower boundary of the pattern might be seen, aligning with the previously discussed idea of a descent to $40,800. This move could also clear the market of marginal long positions before the next upward wave for Bitcoin. The key level at the moment is $42,700. If buyers hold the asset above it, this would negate the scenario of a deeper correction.
▫️ ETH: The asset is still gathering strength above the $2,300 trading level. If buyers lose this level, it may trigger a decline towards $2,240.
▫️ According to Cryptorank, Web3 startups attracted $580 million in the first month of 2024
In January, the most funds were received by HashKey Group, the operator of a cryptocurrency exchange, securing $100 million in a Series A funding round. The company’s valuation is reportedly $1.2 billion. French market maker Flowdesk secured the second-highest amount, receiving $50 million in a Series B round, increasing its valuation to $250 million. Investors include Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, Ripple Labs, and Bpifrance.
Canaan, a Bitcoin mining equipment manufacturer, also raised $50 million by issuing and selling 50,000 convertible preferred shares in January. Overall, there were 119 funding rounds in January, with DeFi projects leading, followed by blockchain services and CeFi startups.
The continued financing of DeFi protocols suggests sustained investor interest in decentralized financial solutions, possibly driven by a growing understanding of the benefits of decentralization, such as improved transparency, lack of intermediaries, and greater accessibility to financial services. Overall, the data indicates diverse investor interests in the cryptocurrency and blockchain industry, covering decentralized financial solutions, blockchain services, and centralized trading platforms.
▫️ Altcoins: The expansion of Only1’s platform functionality, including a partnership with AlchemyPay and the ability to pay for services with fiat, led to a 25% rise in #LIKE against #USDT.
Connext’s collaboration with the Renzo protocol, aimed at supporting cross-chain restaking, contributed to a 22% increase in #NEXT against #USDT.
The listing of the native token of the Artificial Neural Network (Ordinals) project on the Gate.io exchange resulted in a 20% increase in #AINN against #USDT.
▫️ Major Wall Street indices ended Friday’s trading with gains due to the strengthening of the technology, consumer services, and industrial sectors. At the close, the Dow Jones rose by 0.35%, the S&P 500 grew by 1.07%, and the NASDAQ Composite increased by 1.74%.
▫️ Overall market capitalization of digital assets decreased by 0.3% over the past day, and the dominance of the main cryptocurrency decreased by 0.2%. Interestingly, the outflow from Grayscale ETFs is gradually slowing down, while other similar structures continue to register inflows. Such dynamics could contribute to the development of an upward movement after the local correction of the instrument