Weekly market recap (from Apr 16th to Apr 22nd)
Under the conflict between Israel and Iran, many short-term holders have entered a state of loss, the capital market has released risks. NDX and technology stocks have experienced a week of losses so far. In the crypto market, although many Altcoins have experienced significant callback, BTC has never effectively penetrated 60000. Continued inflows into ETFs and the supply and demand changes brought about by the halving provide bulls.
In the early morning of last Saturday, BTC completed its fourth halving. At the time of halving, BTC did not experience large fluctuations. Although U.S. economic conditions do not support an immediate interest rate cut, we are still moving toward easing. Therefore, we believe that BTC may experience the previous halvings, and refresh ATH within one year.
The main DeFi activities in the current market are staking and re-staking. The previous drop punctured the bubble of circular staking, causing the health of leverage to rise. After the halving, there will be no major events in the crypto, and price fluctuations will return to changes in monetary policy.
BTC
BTC fell and hit 60000 and then rebounded to 67000. Trading volume is close to past average levels. Judging from the indicators, the blue columns that appeared previously decreased and the red columns became dominant, indicating that the participation of whales began to decline. The ME indicator continues to maintain a bullish trend.
To sum up, we believe that BTC has continued to demonstrate strong purchasing power over the past week. It could be close to ATH again this week. We maintain our original resistance level of 74000 and support level of 61000.
ETH
ETH’s performance continued to be weak last week. While BTC remains volatile at high levels, ETH rebounds in a downward channel. During the rally, like BTC, the blue columns representing whales turned into red columns representing sharks. This shows that whale participation gradually decreases as the price rebounds. The ME indicator continues to narrow and is close to switching into a bearish trend.
To sum up, we believe that ETH may rise driven by BTC this week, but there is a high probability that it will perform worse than BTC, and the ETH/BTC rate may fall again. We maintain our original resistance level of 2800 and support level of 3700.
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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