LAST WEEK'S RECAP:

#BitcoinETFapproved SEC has approved all Bitcoin spot ETFs.U.S. CPI increased 0.3% MoM in Dec and 3.4% YoY, higher than the estimated 0.2% and 3.2%.USDC issuer Circle confidentially filed for US IPO, the second attempt to go public.SEC’s Twitter account was hacked and posted a fake BTC ETF approval notice one day before the official approval.ETH price increased after BTC ETF approval news, signalling ETH ETF narratives, which SEC needs to decide in May.@NEAR Protocol Foundation cut staff by 40%.Starkware CEO Uri Kolodny resigned due to family health issues.
LEGACY MARKETS – DXY

DXY is still within the larger range of 106-100. As mentioned, it's currently expected to continue building more price structures within this range.
LEGACY MARKETS – VIX

VIX still can’t keep any real strength other than the occasional spike. This gives stock and crypto room to move.
BTC WEEKLY VIEW

BTC saw a large spike into 48k. After large rejection and closing back within the macro range of 30-45k, it seems pretty likely that BTC could drop to the mid/low 30s.
However, with the ETFs now being live, the actual underlying market structure of BTC will also change. This makes it harder to predict what will happen price-wise as the “character” of how BTC trades changed and there’s not enough price history yet to define it.
One could look at large-cap tech stocks for what’s possible regarding retracement. But at best, that’s still a wild guess.
ETH WEEKLY VIEW

As mentioned last week, we expected an instant reversion in ETH/BTC after the BTC spot ETF approval. This was the case and because of the relative strength of ETH/BTC, it held its breakout level on ETH/USD.
If BTC can trade stable enough for just a few days, it’s quite likely for ETH to finish its rally into 2.8-3.3k area.
ETH/BTC

ETH/BTC retraced over 30 days of bleeding in 1 candle after the ETF approval. If this reversal is “real”, the ETH/BTC market should see trending behaviour from here on out till at least .067.
TOTAL3 – USD MARKET STRENGTH

TOTAL3 is flipping resistance into support. However harsh current altcoin correction may seem from a higher time frame perspective, it’s fairly healthy.
TOTAL3/BTC – BTC MARKET STRENGTH

As expected, ALT/BTC followed ETH/BTC. However, the ETH/BTC impulse was a lot stronger and ALT/BTC is still in range. If BTC slips hard to the downside, a breakout won't be likely just yet.
SUMMARY
BTC dropped almost 20% post-ETF approval, with GBTC selling being the main narrative for the drop.ETH/BTC finally saw the large reversion, with Blackrock making comments about an ETH ETF making sense for later this year (likely late Q2-Q3).

DISCLAIMER:
The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell any digital assets or other financial products.

#CryptocurrencyMarketAnalysis #BitcoinMoves #BTCETFS

BTC reacted to US economic indicators on Friday. However, a positive session for the Nasdaq Composite Index supported a late recovery.Key Insights:BTC gained 0.85% on Friday, ending the session at $41,686.A sharp improvement in US consumer sentiment dragged BTC to a session low of $40,290.On Saturday, investors must consider SEC activity, SEC v crypto case-related news, and BTC-spot ETF-related news.Bitcoin Visits Sub-$41,000 on Jump in US Consumer SentimentBTC gained 0.85% on Friday. Partially reversing a 3.41% slide from Thursday, BTC ended the day at $41,686. Significantly, BTC returned to sub-$41,000 for the second time since December 18.US Consumer Sentiment Unexpectedly Spiked in JanuaryOn Friday, US consumer sentiment numbers for January surprised the markets. The Michigan Consumer Sentiment Index increased from 69.7 to 78.8 in January. Investors reduced bets on a March Fed rate cut this week, testing buyer demand for BTC.According to the CME FedWatch Tool, the chances of a March Fed rate cut declined from 76.9% to 48.1% over the week.However, BTC tracked the Nasdaq Composite Index through the session, ending the day with gains. On Friday, the Nasdaq Composite Index rose by 1.70%.BTC-Spot ETF Trading Volumes Begin RecoveryBTC-spot ETFs remained a focal point for investors on Friday. Trading volumes continued to recover after a significant decline on Day 3 of BTC-spot ETF trading.Bloomberg Intelligence ETF Analyst Eric Balchunas provided trading volumes for day six for the nine approved BTC-spot ETFs, the Nine. Significantly, the Fidelity Wise Origin Bitcoin Trust (FBTC) moved ahead of iShares Bitcoin Trust (IBIT) for the first time since launch.Balchunas put the BTC-spot ETF trading volumes into perspective, saying,“For context, as a group the Nine’s $1.2b in daily volume puts them in Top 1% of all ETFs (w/ $GBTC as well). But even if you single them out, $FBTC & $IBIT each in Top 2%. Keep in mind the avg age of ETFs in Top 2% is prob like 14yrs old. So pretty wild to get there in a week.”Bitcoin Fear & Greed Remains NeutralThe Bitcoin Fear & Greed Index increased from 51 to 52 on Saturday. Significantly, the Index remained in the Neutral zone, signaling near-term uncertainty.A move toward the Greed zone would send bullish signals. SEC regulatory scrutiny and US lawmaker chatter continue influencing buyer appetite for cryptos. However, easing bets on a March Fed rate hike could also impact near-term BTC price trends.Bitcoin AnalysisBTC remained below the 50-day EMA while sitting above the 200-day EMA. The EMAs affirm bearish near-term but bullish longer-term price signals.A BTC breakout from the 50-day EMA would support a move to the $42,968 resistance level.On Saturday, SEC-related activity and BTC-spot ETF-related updates need consideration.However, a drop below the Friday low of $40,290 would bring the $39,861 support level into play.The 14-Daily RSI reading, 43.07, indicates a BTC fall to the $39,861 support level before entering oversold territory#BTC #BitcoinMoves #Bitcoin #BitcoinPricePredictions #BitcoinAnalysis

A top market analyst has projected the possibility that the price of Bitcoin (BTC) can touch $200,000 before the next halving event.
Read more on: https://thecryptobasic.com/2024/01/16/top-analyst-forecasts-bitcoin-btc-price-to-200k-pre-halving/
#Bitcoin_Update #BitcoinMoves #cryptoleads #CryptoNewsLand #CheersToOpportunity

A new horde of Bitcoin (BTC) whale addresses are back to life, transferring about $2 billion on-chain.
Read more on: https://thecryptobasic.com/2024/01/17/dormant-bitcoin-btc-addresses-wake-up-unusually-move-2b-on-chain/
#BitcoinMoves #BtcToMoon #BitcoinPrice2024 #cryptocurrecny #CryptoNewsLand