#BTC (4-hour chart). A bullish divergence has formed in the RSI indicator concerning price movement, and it has started to play out. As the asset approaches the trendline resistance, Bitcoin sales intensify. However, on the upward movement path, there are POC ($42,800) and a dynamic resistance level in the form of EMA 200 4H.
As long as the price does not solidify above $42,800, there is a high probability of the price descending below the trading level of $40,500. This will trigger the opening of new short positions, which will fuel a rebound for the instrument. Therefore, after a decline to around $39,500, I expect a reversal of the price movement with the asset returning above POC. Once this happens, Bitcoin will continue its recovery.
#ETH. Ethereum dropped to the $2,415 mark, where buyers stepped in. At the time of writing, the price has returned to the trading level of $2,500, which needs to be confirmed for further growth.
Ethereum staking platform Kiln, aimed at institutional investors, attracted $17 million in investments. The funding round was led by 1kx fund with the participation of IOSG, Crypto.com, Wintermute Ventures, KXVC, and LBank.
In the previous Series A funding round held in November 2022, the project raised $17.6 million. Kiln received financial support from Kraken Ventures, Sparkle Ventures, GSR, and others. Currently, the platform supports more than 30 networks, with partners including Ledger, Flowdesk, Liquid Collective, SwissBorg, Bitpanda.
Kiln expects an increase in demand for Ethereum staking. Meanwhile, the amount of #ETH locked in staking set a new record, reaching 28.94 million tokens. Ethereum maintains a negative inflation rate at 0.03%, with a reward percentage of 4.23%.
I believe that the combination of unique deflationary dynamics and attractive rewards sets Ethereum apart from its competitors and attracts new validators to the network. In the long term, this will positively impact the market cap of #ETH.
*Alts: Following the partnership between API3 (#API3) and DEX SynFutures Protocol, the value of #API3 increased by 45% (to #USDT).
The listing of Pocket Network (#POKT) on Crypto.com led to a 25% increase in #POKT (to #USDT).
The integration of the DIA platform (#DIA) with the txSync project caused a 20% increase in #DIA (to #USDT).
*The U.S. stock market concluded Friday’s trading with gains, driven by the strengthening of the technology, finance, and telecommunications sectors. At the New York Stock Exchange’s closing, the Dow Jones rose by 1.05%, reaching a historical high, the S&P 500 increased by 1.23%, and the NASDAQ Composite rose by 1.7%.
*The total market value of digital assets increased by 0.8% over the past 24 hours, and the dominance of the main cryptocurrency rose by 0.3%. Over the weekend, I expect the continuation of Bitcoin consolidation, creating conditions for the local recovery of altcoins.