Weekly market recap (from Dec 19th to Dec 25th)
We wish you a Merry Christmas And a Happy New Year.
In the past week, we have seen asset management companies applying for BTC ETF assets frequently discuss with the SEC. Among them, BlackRock, Hashdex, etc. once again submitted updated revised documents. Judging from the remarks of Reuters officials, the SEC seems to want to set the last few days of 2023 as the deadline for filing application documents. This is understandable because the market believes that the window period for approval is January 10, and multiple asset management companies will likely pass at the same time. This is why the premium rate of GBTC has dropped to below 6% again today. We are getting closer to the approval of the BTC ETF.
BTC
Last week, BTC was as we expected. It did not stand above 44000 but fluctuated. Due to the impact of the Christmas holiday, the trading volume has decreased. From a time perspective, BTC may continue to fluctuate at this level until the ETF approval. We raised the resistance level to 44000 and retained the previous support level of 38000.
From an indicator perspective, the ME indicator shows that BTC is maintaining a bullish trend. However, the situation reflected in the WTA indicators could be better. We have mentioned in the previous recaps that although the price has reached a new level, whales have never appeared in groups. Relying solely on the power of retail investors, BTC can barely maintain fluctuations and cannot restart its rise.
To sum up, we believe that BTC will most likely continue to fluctuate.
ETH
ETH did not reach near the high point during last week’s rebound and continued to play the role of a follower, rising and pulling back driven by BTC. ETH’s trading volume has increased over the last week. After temporarily breaking through the resistance level we gave, ETH fell back again. We retain the previous resistance level 2300 and support level 2120.
From an indicator point of view, the purple wavy area displayed by the ME indicator is enlarged, indicating that ETH maintains a bullish trend. On the WTA indicator, blue bars representing whales appear, and the sum of trading participation at all levels remains high. This is different from BTC.
To sum up, ETH’s bulls are not as strong as BTC. The entire rise was driven by BTC. We believe that ETH may continue to fluctuate or fall this week.
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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