#BTC fell short of the anticipated $41,600 mark, with buyer pressure strengthening around $42,150. The asset rebounded above the $42,800 trading level, now corresponding to the maximum trading activity within the $40,500 — $49,000 price range. Bitcoin is approaching the inclined trendline that halted the previous attempt to rise.
The RSI line crossed the exponential moving average (EMA) 21, increasing the chances of breaking the trend resistance and further development of the upward movement. Liquidity formed in three main zones over the past week: $41,800, $43,800, and $44,700. In the near future, I anticipate Bitcoin’s attempt to breach the lower boundary of the Ichimoku Cloud around $44,000. Subsequently, a test of the Point of Control (POC) at $42,800 may occur, with an upward impulse towards the seller’s block at $45,000 — $46,000.
#ETH:** The asset retraced to the $2,500 trading level, experiencing a bounce. In the immediate future, Ethereum awaits an attack on the $2,565 resistance level, with the next target being the seller’s block around $2,650.
▫️Bitcoin ETF Launch: In the first four days after the launch, Bitcoin ETF recorded a massive trading volume exceeding $11 billion
Financial instruments from Grayscale, BlackRock, and Fidelity continue to dominate with over 90% of the total trading volume. However, this week’s trading activity is significantly lower than the $3 billion recorded last Friday and $4.6 billion on the launch day. On Tuesday, the BlackRock and Fidelity spot Bitcoin ETFs became leaders among 11 cryptocurrency instruments in terms of capital attracted, with each receiving over $400 million in new investments.
Interestingly, the trading volume of the new financial instrument exceeded the sum of all ETFs launched in 2023. Throughout the past year, 500 ETFs were launched with a total volume of $450 million. The best-performing one earned $45 million, and many took several months to start operations.
In my view, the significant trading volume of the Bitcoin ETF on its first day indicates a high level of acceptance in the investment community. I believe the success of the Bitcoin-based exchange-traded fund may influence the emergence of new cryptocurrency financial instruments and products, providing investors with additional opportunities to invest in digital assets.
▫️Altcoins Update:
- Shido (#SHIDO) experienced a 31% increase against #USDT after announcing the use of Axelar Network infrastructure for cross-chain solutions.
- Clore.ai (#CLORE) rose by 20% against #USDT due to the possibility of adding custom templates for GPU task optimization.
- The announcement of the imminent launch of the second version of Onyxcoin’s (#XCN) DeFi protocol increased #XCN’s value by 18% against #USDT.
▫️US Stock Market: Tuesday’s trading session concluded with declines in the US stock market, driven by negative dynamics in the oil and gas, raw materials, and financial sectors. At the New York Stock Exchange’s closing, Dow Jones fell by 0.75%, S&P 500 depreciated by 0.68%, and NASDAQ Composite dropped by 0.92%.
▫️Overall Cryptocurrency Market: The total market value of digital assets increased by 0.3% over the past 24 hours, with the dominance of the main cryptocurrency rising by 0.2%. In the #ETH/#BTC pair, indicating altcoin strength, a new growth wave for Ethereum is anticipated. This is a positive sign for the entire altcoin market.