▫️#BTC (three-hour timeframe). As anticipated in the recent reviews, Bitcoin executed an upward impulse towards the upper boundary of the trading channel. After reaching the $42,000 mark, the initiative shifted to the sellers. The nearest potential rebound zone is the lower boundary of the Ichimoku Cloud around $40,350. Another attempt by Bitcoin to break through the upper boundary of the descending channel is likely from this area.
I lean towards the possibility that during the pullback, the instrument may reach the POC range $29,500 – $65,500 — $39,500 before managing to break out of the trading formation. If the asset consolidates above the upper channel boundary, it will ensure further Bitcoin growth. Meeting this condition, the next targets of the upward movement will be $42,700 and $44,000.
▫️#ETH. The asset surpassed the local resistance level at $2,265. Seller pressure halted the upward movement around $2,280. In the near term, a pullback to the buyer block at $2,200 — $2,225 is likely.
▫️According to Flipside’s estimates for 2023, eight major blockchains collectively attracted 62.06 million new users.
At the end of the year, Ethereum took the first place with a result of $15.4 million. Following is Polygon, with the platform gaining 15.2 million new users. Bitcoin, Solana, and Arbitrum also made it to the top 5. It’s important to note that Coinbase’s second-layer network Base also made the list, securing the eighth position.
The maximum growth of new participants in the crypto industry occurred in May 2023 — 5.8 million. Interestingly, the influx of new users increased in March, coinciding with the Silicon Valley Bank’s collapse. Notably, Bitfinex experts in their 2023 cryptocurrency market report forecast an increase in blockchain users to 850 million this year.
The appearance of 62.06 million new users in 2023, in my opinion, indicates a constant increase in interest in blockchain and cryptocurrencies. This may signify people’s growing awareness of digital assets and their willingness to join the crypto community. The influx of new industry participants brings positive changes, such as expanding the user community, increasing legitimacy, and attracting new investors. These factors will contribute to the further development of blockchain technology and the cryptocurrency market.
▫️Altcoins: The news of Image Generation AI (#IMGNAI) securing $1.6 million in seed funding led to a 48% rise in #IMGNAI (against #USDT).
Ahead of the launch of staking products for the Picasso protocol (#PICA) on the Solana network, the value of #PICA increased by 25% (against #USDT).
The listing of the AltLayer platform token (#ALT) on Binance resulted in an 18% increase in #ALT (against #USDT).
▫️The U.S. stock market concluded Friday’s trading in mixed directions due to the strengthening of the oil and gas, healthcare, and consumer services sectors, and negative dynamics in the technology, industrial, and raw materials sectors. At the New York Stock Exchange closing, Dow Jones rose by 0.16%, the S&P 500 index dropped by 0.07%, and the NASDAQ Composite index fell by 0.36%.
▫️Cryptocurrency market capitalization increased by 2.9% in the last 24 hours, and Bitcoin dominance increased by 0.4%. Over the weekend, I expect a gradual decrease in BTC dominance with capital flowing into altcoins.