This week saw Balaji concede on his $1M Bitcoin bet - but was there another plan at play? The lightning network capacity set a new record as it peaked just as Bitcoin had the longest streak of gains since 2021. On the Altcoin front, PEPE exploded seeing +1000% gains setting crypto Twitter ablaze, while $505M of ETH was transferred to Binance. And that's not all, new stablecoin payments projects from Visa were spoken about alongside Lightning Labs and Venmo entering the crypto transfers industry. And don't forget NFTs! Because Haribo wants in on the action!
April saw Bitcoin's Lightning network capacity set a new peak, while the percentage of Bitcoin supply last active 3+ years hit an all-time high. We also saw Arbitrum's daily transactions have officially outpaced Ethereum following the Shapella upgrade, and the Lightning Network infrastructure company Neutronpay has launched an enterprise business API product for customers in Asia and North America. Meanwhile, Solana saw a notable increase across NFTs, DeFi, and TVL, showing its growing popularity in the crypto world. However, not all launches go according to plan, as evidenced by SUI's massive volatility just minutes after its mainnet launch.
Lightning Labs has just announced a new update that will make non-custodial payments even faster, while Binance launched The Sandbox NFT taking program, and Circle has released a new cross-chain transfer protocol using USDC. Meanwhile, this week saw Phantom Solana wallet has added support for Ethereum and Polygon, and not only that, you can now use your JPEGs to borrow Ethereum on the NFT marketplace, Blur. And if that wasn't enough, Venmo has shaken up the crypto world with a brand-new transfer feature. What a week for new tech!
It seems that every day there's a new development that could shape the future of digital currencies. Take de-dollarization, for example. It's happening right now, and according to the CEO of Circle, Congress needs to pass a stablecoin bill to keep the greenback competitive. Meanwhile, European regulators are also exploring the possibilities of a digital euro with their new MiCA regulations, and Nigeria's SEC is considering tokenized equity. But it's not all sunshine and rainbows. US lawmakers are concerned that the lack of clarity around digital assets is causing crypto firms to move offshore.
Adoption was widespread this week starting with Visa's new stablecoin payments project combining the stability of fiat currency with the efficiency of cryptocurrency, making transactions easier and more secure. Haribo has also entered the NFT world with their sweets-themed virtual assets, and Aptos has teamed up with Mastercard to make on-chain identity and payments more accessible. Digital bank Revolut now offers crypto investments in Brazil, while a California county is using blockchain-based wallet technology to streamline processes. These developments are just the beginning of what's to come
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BTC/USD found support this week at the daily 50 EMA while Bitcoin is on track for its longest streak of monthly gains since 2021, signaling a strong market. However, the cost of mining Bitcoin has skyrocketed to $17K in the US from $5K just a year ago, leading to concerns of "mineflation". The upcoming May upgrade to Bitcoin Cash will bring smart contracts comparable to Ethereum, according to dev Jason Dreyzehner, with a 1000x efficiency advantage.
tl/dr:
The LTFs on BTCUSD tell the story of accumulation perfectly, with price struggling to break below the $27,100 price low and the $30,000 price high; however, now we have seen bearish MACD divergence take place as well as an hourly manipulation pattern signaling potential bearish pressure.
The only thing standing in the way of the bears is the 1H EMA continually being respected as support; however, once we break and retest the 1H 50 EMA to the downside, a move down to the $27,500 price level is likely, with even further bearish prices possible.
tl/dr
This week saw price continue consolidating sideways on BTC/USD as it squeezed between the $30,000 price level and the daily 50 EMA. At present, we are seeing a large accumulation of liquidity taking place, which could very easily evolve into a reaccumulation schematic for further upside.
Because the daily 50 EMA is currently providing strong support, a bullish move to the $33,000 price level could be possible. Alternatively, given the bearish MACD divergence on the daily chart, if the 50 EMA breaks and we retest the underside, we could easily see a bearish leg down to $25,000 and retest the daily 200 EMA.
The daily 200 EMA would act as our last bastion of support before accepting a larger retracement after 2023's bullish run is likely to take place.
The world of Ethereum has been buzzing lately with some interesting developments. ETH/USD found support at the daily 50 EMA while we have seen Ethereum network fees surge 153% in just 30 days, while the amount of dormant supply has reached a 9-month high. There was also a massive transfer of $505M worth of Ethereum tokens onto Binance, marking one of the largest self-custody to exchange transfers in 5 years. Meanwhile, ETH/USD has managed to find support at the daily 50 EMA twice in the last week.
tl/dr:
ETH/USD followed suit this week, continuing its sideways accumulation between the bearish order block at $1960 acting as the price ceiling and the bullish order block at $1800. The daily 50 EMA similar to BTC has been acting as strong support, squeezing price into a tighter range as the week ends.
Moving forward, we look for price to commit to a direction with a certain level of aggression. This could take the form of a break and retest of the 50 EMA to the downside, pushing price to the daily 200 EMA to seek support. Alternatively, a push higher to raid 1D buy-side liquidity and mitigate the $2040 price point would be likely.
BTC/USD found support this week at the daily 50 EMA while Bitcoin is on track for its longest streak of monthly gains since 2021, signaling a strong market. However, the cost of mining Bitcoin has skyrocketed to $17K in the US from $5K just a year ago, leading to concerns of "mineflation". The upcoming May upgrade to Bitcoin Cash will bring smart contracts comparable to Ethereum, according to dev Jason Dreyzehner, with a 1000x efficiency advantage.
tl/dr:
The LTFs on BTCUSD tell the story of accumulation perfectly, with price struggling to break below the $27,100 price low and the $30,000 price high; however, now we have seen bearish MACD divergence take place as well as an hourly manipulation pattern signaling potential bearish pressure.
The only thing standing in the way of the bears is the 1H EMA continually being respected as support; however, once we break and retest the 1H 50 EMA to the downside, a move down to the $27,500 price level is likely, with even further bearish prices possible.
tl/dr
This week saw price continue consolidating sideways on BTC/USD as it squeezed between the $30,000 price level and the daily 50 EMA. At present, we are seeing a large accumulation of liquidity taking place, which could very easily evolve into a reaccumulation schematic for further upside.
Because the daily 50 EMA is currently providing strong support, a bullish move to the $33,000 price level could be possible. Alternatively, given the bearish MACD divergence on the daily chart, if the 50 EMA breaks and we retest the underside, we could easily see a bearish leg down to $25,000 and retest the daily 200 EMA.
The daily 200 EMA would act as our last bastion of support before accepting a larger retracement after 2023's bullish run is likely to take place.
The world of Ethereum has been buzzing lately with some interesting developments. ETH/USD found support at the daily 50 EMA while we have seen Ethereum network fees surge 153% in just 30 days, while the amount of dormant supply has reached a 9-month high. There was also a massive transfer of $505M worth of Ethereum tokens onto Binance, marking one of the largest self-custody to exchange transfers in 5 years. Meanwhile, ETH/USD has managed to find support at the daily 50 EMA twice in the last week.
tl/dr:
ETH/USD followed suit this week, continuing its sideways accumulation between the bearish order block at $1960 acting as the price ceiling and the bullish order block at $1800. The daily 50 EMA similar to BTC has been acting as strong support, squeezing price into a tighter range as the week ends.
Moving forward, we look for price to commit to a direction with a certain level of aggression. This could take the form of a break and retest of the 50 EMA to the downside, pushing price to the daily 200 EMA to seek support. Alternatively, a push higher to raid 1D buy-side liquidity and mitigate the $2040 price point would be likely.
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