Bitcoin
Bitcoin gained a little more than 4% from April 7 to April 12. As the week progressed, on Monday, April 8, BTC came close to the $73,000 mark. However, it was not possible to overcome it, after which Bitcoin briefly dropped below $67,500.
Source: tradingview.com
Inflation in March in the United States was not only higher than before, but also exceeded expectations. In February it was 3.2%, and 3.4% was expected. As a result – 3.5%. This suggests that the widely expected reduction in the key rate by the US Federal Reserve is not yet on the agenda.
At the same time, rising inflation looks like a positive signal for crypto enthusiasts. The fact is that Bitcoin is considered a protective asset that protects against inflation. However, the price of BTC on the day the news was announced
reacted quite weakly, adding about 2%.
But the Form 13F report, which is provided by US institutional investors, showed the interest of financial tycoons in spot Bitcoin ETFs. Among the leaders in investing money in cryptocurrency exchange-traded funds were AUM Park Avenue Securities, which provides brokerage and advisory services (invested $9.9 billion in GBTC), as well as Houston-based asset management company Inscription Capital (injected $1.3 billion). So far the numbers remain relatively modest. However, it is worth remembering that this was only
first quarter trading of similar instruments in history.
Technically, Bitcoin has formed an ascending triangle, as evidenced by a series of rising lows since March 20th. This is a harbinger of further growth. By and large, the rally will begin as soon as the all-time high of $73,794 is broken. Indicators also indicate the dominance of the bulls: the price is above the 50-day moving average (indicated in yellow), the RSI is above 50.
Source: tradingview.com
Index
fear and greed remained unchanged compared to the previous week. Its value is also 79. This indicates extreme greed among Bitcoin investors.
Ethereum
Ether increased about 6.5% in a week. The second largest cryptocurrency by capitalization rose above the $3,700 mark, but could not hold on. Five of seven trading sessions ended in positive territory. The most successful day was Monday, April 8, when Ether grew by 6.94%.
Source: tradingview.com
There seems to be enough news that would bring a wow effect. The vigorous activity of Ethereum developers continues. No sooner had Dencun died down than the next update, called Electra, was already being prepared. This week it became known about four
innovationswhich will definitely be included in it:
- EIP 6110 – should launch a mechanism within the protocol that will allow depositing immediately at the consensus level, instead of the proposal vote currently used;
- EIP 7002 – triggered outputs at runtime level;
- EIP 7251 – increase in the maximum effective balance of validators;
- EIP 7549 – moving the committee index outside of attestation, which will reduce the average number of pairs required to verify consensus rules.
But various experts continue to express skepticism about the prospects for the approval of spot ETFs for ether in the United States. This week, the famous American bank JP Morgan said its “fuck”. There the probability of a positive outcome was estimated as 50%. At the same time, according to one of the JP Morgan analysts Nikolaos Panigirtzoglou, the refusal will most likely lead to another summons from the Securities and Exchange Commission (SEC) to court. As a result, the regulator will lose the lawsuit, just like the cases against Grayscale and Ripple. This
will force The SEC will accept ETFs for spot ether, but later, and not in May, as enthusiasts expect.
From a technical analysis point of view, Ether remains sideways between the support level of $3,049 and the resistance level of $3,679. This is confirmed by the price’s proximity to the 50-day moving average (indicated in yellow). Worth noting: Ether is still in an uptrend over the long term, as the 200-day moving average (in orange) is well below its current value.
Source: tradingview.com
Shiba Inu
From April 5 to April 12, the price of Shiba Inu increased by 3.84%. Trading volumes remain small relative to late February-early March 2024 levels. Most trading sessions this week, five out of seven, ended in positive territory.
Source: tradingview.com
Although the coin does not show any rapid growth, a number of metrics have grown. Analytical platform IntoTheBlock
leads information according to which the number of addresses on the network exceeded 4 million. Starting from March 1, 2024, this figure increased by 200,000.
Analytical portal Glassnode
recorded decrease in active addresses over the same period of time. Based on these two metrics, we can conclude: users create addresses and do nothing on them.
And another cryptanalytics platform, Lunar Crush,
noted Shiba Inu community activity. The indicator of social dominance increased by 46.3% over six months. There was also a 30.7% increase in the number of content creators related to Shiba Inu. By the way, if we talk about the price, it has grown by an impressive 266% in recent months.
From a technical analysis point of view, a pennant pattern has formed for Shiba Inu over the past 5.5 weeks. Where will the price go next? It will depend on which of the lines, upper or lower, it will break through. In the first case, growth should begin, in the second, a fall. Indicators indicate a high probability of the first scenario. The price is above the 50-day moving average (indicated in yellow) and the RSI is above 50 (albeit slightly).
Source: tradingview.com
Conclusion
In total, major cryptocurrencies increased in price by 3.5%-6% over the week. This was facilitated by weak inflation figures in the United States and the growth of a number of metrics for altcoins. Further growth will depend on overcoming the important technical levels described above.
This material and the information contained herein do not constitute individual or other investment advice. The editors' opinions may not coincide with the opinions of the author, analytical portals and experts.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
