#BTC (4-Hour Chart): Bitcoin’s upward momentum faced resistance around the anticipated Point of Control (POC) at $43,900. The exponential moving average (EMA) 50 at $43,600 halted the asset’s ascent. With buyers losing the $42,800 level on the pullback, Bitcoin may revisit the $41,600 trading mark. A potential activation of buyers in this zone could form a local Triple Bottom, followed by a short squeeze and a rise to the lower boundary of the ascending channel at $46,000.
#ETH (Ethereum): Ethereum registered a 0.85% increase against Bitcoin in the past 24 hours. Although it breached the $2,565 resistance level, consolidation above it remains elusive. A descent to $2,475 is likely before the next upward impulse. Ethereum’s staking has increased by 6% in the last 90 days, with 24% of circulating ETH currently staked. The DeFi ecosystem on Ethereum has grown by 20.3% in the last month, reaching $31.53 billion in Total Value Locked (TVL). Ethereum’s transaction fees continue to dominate, averaging $8.97 million daily.
Altcoins Highlights:
- Announcement of the imminent release of Dango^3 game on SLG.GAMES (#SLG) led to a 35% surge in SLG against #USDT.
- Regional test launch of Guild of Guardians (#GOG) in Canada boosted GOG by 28% against #USDT.
- Hivemapper’s native token (#HONEY) listing on Coinbase resulted in a 20% price increase against #USDT.
US Stock Market: Tuesday’s trading concluded with a decline in the U.S. stock market, influenced by negative dynamics in the oil and gas, commodities, and utility sectors. The Federal Reserve’s ability to lower the base rate in the current year depends on incoming macroeconomic data. Futures market quotes suggest an expectation of seven 25 basis point rate cuts from the current level.
Cryptocurrency Market Overview: The cryptocurrency market capitalization decreased by 0.65% in the last 24 hours, while Bitcoin’s dominance increased by $0.1. Bitcoin’s dominance chart indicates a potential rebound, aligning with a local correction to $41,600. Subsequently, a likely continuation of Bitcoin’s dominance decrease may precede an early recovery for altcoins. Stay tuned for evolving market dynamics and opportunities.”