▫️#BTC (four-hour timeframe). With the asset’s pullback to the trading level of $50,900, buying of the instrument intensified again, and Bitcoin updated its local maximum at the $52,500 mark on the Binance exchange. Interestingly, the RSI indicator increasingly shows a bearish divergence relative to the price movement, indicating a gradual weakening of buyer pressure. This means that a local Bitcoin pullback may soon occur.
According to CoinGlass , the most liquidity over the past week has accumulated around $50,600. This area coincides with the upper boundary of the ascending channel, which Bitcoin exited yesterday. If the rebound from this zone is weak, the asset will return to the trading channel with a test of the exponential moving average EMA 50 4H. Then, I expect another attack on the resistance level around the annual maximum.
▫️#ETH. Following Bitcoin, Ethereum updated its annual maximum at the $2,825 mark. A pullback to the $2,670 trading level is likely before the next growth impulse.
▫️The Taurus startup, specializing in cryptocurrency storage and trading, announced a partnership with DeFi platform Lido Finance (#LDO). This partnership allows Swiss banks to access liquid staking.
According to the company, the collaboration with Lido Finance is a response to the growing interest of institutional investors in digital assets. Currently, staking services are only available to financial institutions in Switzerland regulated by FINMA. However, Taurus hopes that other European countries will follow Switzerland’s lead in developing the crypto industry. The startup is a partner of Deutsche Bank and Santander, and the company expects these banks to join the staking offer in the near future.
I think the partnership between Taurus and Lido Finance is an important event for the cryptocurrency industry, as it confirms the growth of institutional interest in cryptocurrencies and the development of infrastructure for investing in it. Moreover, the collaboration provides access to liquid staking for Swiss banks, which could lead to the expansion of the staking market and attract more capital to the digital asset industry.
▫️Alts: The project Data Lake’s (#LAKE) Roadmap update, including the release of its own application by the end of the first quarter of 2024, caused #LAKE to rise by 100% (to #USDT).
News that the developers of AIT Protocol (#AIT) launched a Subnet of the Bittensor platform in test mode increased #AIT’s value by 70% (to #USDT).
Listing of the Artificial Neural Network project (#AINN) BRC-20 on the Bitget exchange led to an 18% increase in #AINN’s price (to #USDT).
▫️American stock indices ended Wednesday’s trading with growth due to the strengthening of the industrial, consumer services, and technology sectors. At the close on the New York Stock Exchange, the Dow Jones rose by 0.40%, the S&P 500 index grew by 0.96%, and the NASDAQ Composite index appreciated by 1.3%.
▫️The cryptocurrency market capitalization increased by 2.2% over the last 24 hours, Bitcoin’s dominance decreased by 0.2%. In the #ETH/#BTC pair, Ethereum is showing strengthening, which is a positive signal for the entire altcoin market.