▫️#BTC (daily timeframe). Bitcoin continues to trade below the resistance level of $42,700. However, trading volumes on the price increase are decreasing, signaling a decrease in buying pressure. Therefore, in the near future, I expect the instrument to return within the descending channel. The potential reversal zone of price movement is the upper boundary of the Ichimoku Cloud around $40,800.
According to CoinGlass, over the past three days of trading, the most liquidity has accumulated at levels of $41,300 and $42,700. After the local rollback of Bitcoin, I expect a resumption of consolidation of the instrument below the seller’s block at the $42,700 mark, followed by a breakthrough of this zone. The consolidation of the asset above this mark will significantly strengthen the positions of buyers and make it possible to continue the local growth up to $45,500, where selling pressure may increase again.
▫️#ETH. As anticipated, Ethereum is expected to pull back to the trading level of $2,265. Buyers need to maintain the asset above this mark for the development of an upward movement towards $2,300.
▫️Starting today, Google plans to update its policy to allow advertising for cryptocurrency ETFs on its search engines
This new rule applies to investment products related to digital assets, including exchange-traded funds based on the first cryptocurrency. The company emphasizes that it expects advertisers to
comply with local laws in each region targeted by their ads. Interestingly, in September, Google updated its cryptocurrency and related products advertising policy, allowing ads for blockchain technology-based games using NFTs. In July 2023, the Google Play app store also announced significant policy changes, allowing developers to include digital assets, including NFTs, in their programs and games offered in the Play Store.
I believe these changes indicate a gradual expansion of Google’s interests in the cryptocurrency and blockchain technology space, opening up new opportunities for advertisers and developers. Considering that Google processes 100,000 search queries per second and the fact that the company has a massive audience, advertising cryptocurrency ETFs can contribute to a wider dissemination of information about new financial products. This could attract new investors to the industry.
▫️Altcoins: The announcement of the Wen project (#WEN) introducing its own NFT standard – Wen New Standard (WNS) – led to a 50% increase in #WEN value (against #USDT).
The strategic partnership between Creo Engine (#CREO) and the SkillGaming platform for hosting a blockchain game festival caused a 25% increase in #CREO value (against #USDT).
With the launch of Unibot (#UNIBOT) on the Solana network, the value of #UNIBOT increased by 20% (against #USDT).
▫️Cryptocurrency market capitalization decreased by 0.75% in the last 24 hours, and Bitcoin dominance remained unchanged. The next Federal Reserve meeting is scheduled for January 30-31. The general consensus among traders suggests that the regulator will likely leave the interest rate unchanged, and a rate cut may begin in March. I expect an increase in market volatility by January 31.