Weekly Market Recap(From 7thof Aug to 13th of Aug)

Sypool Protocol
3 min readAug 14, 2024

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Crypto market lose power after rebound. BTC had a significant decline for a period of time after the ETF was announced. But after 15 days, sufficient liquidity brought an increase that repaired the decline. It has been two weeks since the ETH ETF was listed. After excluding the impact of grayscale, we have seen that traditional funds are also flowing into the ETH ETF.

CPI data for July will be released on Wednesday. We believe that if CPI falls further, it will give risk assets such as BTC and US stocks an upward momentum. We do not believe that the recession started on August 2, when the employment data was released. Therefore, if the CPI data falls further, the market will not panic about recession, and will price further interest rate cuts.

BTC(1D)

BTC rebounded last week, with bulls beginning to fade after hitting 62000. Although we question the idea of a recession. But the earlier dump really broke the calm. At larger levels, the power of bears has increased. Judging from the indicators, a large number of whales participated in the transaction of BTC after the dump, which is also the main reason for the price increase. However, after the weekend, the whales gradually disappeared. On the ME indicator, the long-term fluctuation narrowed the wavy area. Currently under a bearish signal.

In summary, we believe that if the CPI data is within expectations, BTC may fluctuate this week. We raise the resistance level 62000 and maintain the original support level 52500.

ETH(1D)

We believe that a large amount of spot ETH being staked will increase volatility. When ETH is dumped, the volatility does amplify, but it is far less than other tokens during the rebound. This is not a good phenomenon. As we mentioned above, the ETH ETF has been listed for two weeks, and there is every reason to believe that the sell the news phenomenon is over. The bulls’ performance has been disappointing.

Like BTC, we saw the emergence of whales when ETH dumped. The whale disappears after a day and does not continue to participate in trading. Judging from the ME indicator, ETH has entered a bearish trend, and the wavy area has further widened.

To sum up, we believe that ETH will remain fluctuating this week, and the probability of falling is greater than rising. We maintain our original resistance level 2800 and support level 2400.

Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.

Any decisions based on the information contained in the article are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.

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Sypool Protocol
Sypool Protocol

Written by Sypool Protocol

Sypool is a synthetic asset management protocol.This is another innovation that we have migrated finance from off-chain to on-chain.

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