Most cryptocurrencies traded higher on Thursday on better-than-expected US economic data. Bitcoin (BTC) is up 0.67% to $30,093, while Ethereum (ETH) broke $1,900. BTC volume was around $18.62 billion, up 6.42% in the last 24 hours. The Slightly encouraging inflation data on the one hand and Ethereum Shanghai updates on the other. The global volume of the crypto market was at $54.4 Billion while the market capitalization is at $1.28 Trillion. The market cap of Bitcoin, the world’s largest crypto, was around $582 billion. According to data Bitcoin’s dominance currently stands at 47.25%, down 0.25% on the day. Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) is 69 with a neutral outlook.
Bitcoin traded above the $30,000 level with resistance at $30,500. This shows that the bulls currently have the upper hand in the market. Bitcoin price action is on track in sealing new all-time highs, new data suggests. A set of price metrics data suggest Bitcoin’s current halving cycle is playing out in classic style. Whatever the reason for Bitcoin’s 50 percent rally between March 11 and April 11, it shows resistance to FUD (fear, uncertainty, and doubt), including the Securities and Exchange Commission’s Wells notice against Coinbase on March 22 and the Commodity Futures Trading Commission, which filed a lawsuit against Binance and its CEO Changpeng Zhao on March 27. By holding the $30,000 support, Bitcoin shows that the positive momentum can continue regardless of inflation staying above the 5 percent. The bulls are expected to push Bitcoin above $30,500 for another $100 million by 8:00 UTC on April 14. The bears, on the other hand, would need to push bitcoin price below $29,000 to balance the scales. However, the bears have recently suffered significant losses as $128 million in short BTC futures contracts were forcibly liquidated between April 9 to 11.
Despite some fears that a new supply of ether could hit the market after the much-anticipated Shapella upgrade, ETH surpassed $2,000 in price almost a day after the upgrade. The much-anticipated hard fork of Ethereum in Shanghai, also known as the “Shapella” upgrade, has completed. The update, which allows users to withdraw staked Ether (ETH), went live in Australia on the morning of April 13. Shortly thereafter, 285 withdrawals were processed, totaling around 5,413 ETH (approx. 10 million USD), with a total of 18 million ETH still being staked. Investors and enthusiasts should keep an eye on these developments, especially regarding the movement of staked ETH, as they could have a significant impact on the crypto market and your investments.
On the macro front, March official inflation rose to 5% yoy, slightly below the consensus of 5.1%. It was the lowest reading since May 2021, but still well above the Federal Reserve’s 2% target. Data suggests that inflation is no longer the driving force behind Bitcoin’s rally, and investor focus has shifted from the impact of inflationary pressures to potential recessionary risks after the banking crisis demonstrated the fragility of the market’s financial system after the 12 months Federal Reserve statement. Rate hike from 0.10% to 4.85%. Alongside the failure of Silicon Valley Bank and the state-backed sale of Credit Suisse to UBS, several red flags of a macroeconomic slowdown have emerged. The latest data from the ISM Purchasing Managers’ Index fell to its lowest level since May 2020, suggesting economic contraction.
Technical Outlook:
BITCOIN:
BITCOIN after consolidating near the low of $15,476 gave a breakout on the upside and started trading in an uptrend. The asset faced stiff resistance at $25k and $28,500 but the bulls managed to push the prices above the key levels. Technically, on a Three day time frame, BTC after giving a daily close above $28,500 is making in ‘Higher High Higher Low’ pattern and is currently trading at $30.875. The asset has a strong resistance at $32,500 and we can expect some profit booking at these levels. If it breaks, closes and sustains above $32,500 the it can further rally up to $37,500
ETH:
ETH after witnessing a sharp rally was consolidating and trading sideways in a range from $1,725 to $1,850. The asset finally gave a breakout above the range and rallied up to $2,135. ETH has a strong resistance zone from $2,200 to $2,2250. Hence, to further rally it needs to break and sustain above these levels. $1,750 will act as a strong support for the asset.
BNB:
BNB after resisting at the key level of $336 corrected almost by 10% and dropped to $300. The asset took support at $300 (Horizontal Trendline & 200 Day Moving Average) and again started to trade upwards. Once the bulls manage to break, close and sustain above the resistance of $336 then we can expect it to further rally up to $365- $380.
Weekly Snapshot:
| USD ($) | 06 Apr 23 | 13 Apr 23 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $28,044 | $30,399 | 8.40% | $28,802 | $27,276 | $30,874 | $27,794 |
| ETH | $1,873 | $2,013 | 7.46% | $1,938 | $1,766 | $2,126 | $1,829 |
| BNB | $312.45 | $324.95 | 4.00% | $319.63 | $300.51 | $334.27 | $309.88 |
| crypto | 1w – % Vol. Change (Global) |
| BitCoin (BTC) | 0.06% |
| Ethereum (ETH) | 1.71% |
| Binance Coin (BNB) | 12.51% |
| Resistance 2 | $37,500 | $2,450 | $1.50 | $365 |
|---|---|---|---|---|
| Resistance 1 | $32,500 | $2,250 | $1.30 | $336 |
| USD | BTC | ETH | Matic | BNB |
| Support 1 | $28,500 | $2,000 | $1.05 | $300 |
| Support 2 | $25,000 | $1,700 | $0.75 | $255 |
Market Updates:
- London Stock Exchange Group may provide clearing services for BTC derivatives in Q4. LCH SA will team up with the FCA-regulated GFO-X trading venue to create a centrally cleared, regulated trading environment.
- In an April 12 hearing in the United States Bankruptcy Court for the District of Delaware, lawyers with Sullivan & Cromwell representing FTX said the crypto firm had recovered roughly $7.3 billion in liquid assets.
- In the last 24 hours, Bitcoin’s percentage of the crypto market cap retreated by nearly 1% while Ether gained just over 1.1% due to the Shapella rally
- Popular social media platform Twitter is reportedly set to introduce a new feature that will allow users of the platform to trade cryptocurrencies and stocks. The new feature is being launched in partnership with fintech firm eToro.
