Weekly Market Report (from Apr 2nd to Apr 8th)
The BTC halving is less than 20 days away. In the recent three BTC halvings, it has experienced a correction after the halving and refreshed ATH in the following 6 months. Currently, most tokens on the market are waiting and observing whether BTC can break through 72000.
In terms of on-chain data, we learned from Glassnode that after BTC exceeded ATH in mid-March, many long-term holders began to take profits. The age of BTC has declined and the realized price has increased. This phenomenon has often appeared at the beginning of a pullback in the past.
In terms of on-chain activities, more and more BTC and ETH are participating in staking or restaking for points, which has supported the rise to a large extent, but risks are also gathering. Many staking behaviours have been using leverage, pushing up the liquidation prices of LST, BTC, and ETH. The market may lose its mind in a frenzy.
BTC
BTC rebounded to 70000 again after falling to 65000 last week, with strong purchasing power surpassing almost all other tokens. After reaching ATH, the lows of the two retracements gradually became too high.
Judging from the indicators, whales did not provide support for this round of rebound. Before BTC breaks through 72000, traders will likely continue to wait and see. Likewise, there has been no significant growth in trading volume. The ME indicator continues to maintain its bullish trend.
To sum up, we believe that BTC may maintain a volatile rise this week. Strong purchasing power may help it breakthrough. We have temporarily retained the original support level of 61000 and support level of 74000.
ETH
ETH was weak in the early stages of last week’s rebound, but saw a significant rise yesterday, preventing the BTC/ETH rate from breaking through the lows. Based on yesterday’s rise, ETH broke through last week’s high of 3600, The performance in trading volume was average, almost the same as usual.
From an indicator point of view, the ME indicator also maintains a bullish trend. But last week’s rally wasn’t supported by whales. The next target is 4000.
In summary, we believe that ETH may maintain its rise this week. We maintain the original support level of 3100 and the resistance level of 4000.
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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