#BTC (Daily Timeframe): The idea of an upward impulse for the asset proved to be incorrect. Bitcoin failed to overcome the trend resistance, leading buyers to lose the POC mark ($42,800), resulting in a decline to around $40,700. Bitcoin dipped below the exponential moving average EMA 50 D, now acting as a barrier to the upward movement. The asset approached the lower boundary of the price range $40,500 — $49,000, but the buyer’s response is currently weak.
Hence, a breakthrough of this trading level is possible, with a test of the dynamic support level in the form of EMA 100 D around $39,300. This aligns with testing the Balance Volume line at its support level. It’s crucial to monitor the price reaction in the $39,300 — $39,500 range. I lean towards seeing a rebound from this zone to around $44,000 — $46,000, where liquidity has accumulated over the past week. The scenario will be invalidated if the price solidifies below $39,300.
▫️#ETH: Ethereum increased its value against Bitcoin by 0.7% over the past 24 hours. The upward impulse of the asset was halted around $2,555, where the instrument corrected to the $2,430 level. Losing this trading level could trigger a descent to $2,360.
▫️The issuer of the largest stablecoin #USDT, Tether, acquired an additional 8,888 #BTC for $380 million, increasing its total assets in the primary cryptocurrency to $2.8 billion.
The company had previously announced its Bitcoin acquisition plans in 2023. Tether specified that it intends to allocate 15% of its earned operating profit to acquiring the first cryptocurrency to increase its share in securing the stablecoin’s reserves. In December of the previous year, analysts at EmberCN estimated the company’s profit from Bitcoin investments at $1.1 billion.
In November 2023, Tether also expressed its intention to become one of the leading Bitcoin miners globally, planning to spend approximately $500 million on deploying its own infrastructure and acquiring stakes in mining companies.
In my view, with Tether’s Bitcoin acquisitions, other companies may also show interest in investing in this cryptocurrency. This could create a positive impact on the overall perception of Bitcoin as an asset. Since the issuer #USDT uses #BTC to back its stablecoin, successful investments in the leading cryptocurrency can enhance user trust in the company, further solidifying Tether’s position as a leading stablecoin in the market.
▫️Altcoins: The listing of Ondo Finance (#ONDO) on the Bybit exchange led to a 105% increase in #ONDO against #USDT.
The announcement of plans to launch the UMA (#UMA) platform, a lending protocol resistant to MEV attacks, caused a 65% rise in #UMA against #USDT.
News of the upcoming release of the second version of the DeFi protocol Conic Finance (#CNC) increased the value of #CNC by 20% against #USDT.
▫️Major Wall Street indices ended Thursday’s trading session with growth, driven by the strengthening of the technology, industrial, and consumer services sectors. At the closing on the New York Stock Exchange, Dow Jones rose by 0.54%, the S&P 500 increased by 0.88%, and the NASDAQ Composite rose by 1.35%.
▫️Cryptocurrency market capitalization fell by 3.1% in the last 24 hours, and Bitcoin dominance decreased by 0.2%. To negate the scenario of another descending impulse in #BTC, buyers need to reclaim the asset above EMA 50 D ($42,000).