Excitement filled the air this week as institutional investors embraced the soaring prospects of BlackRock's Bitcoin ETF leading to BTC jumping to $30k, while Ethereum's zkSync network surpassed an impressive $500 million in locked value. The crypto art world witnessed a jaw-dropping auction record of $11 million at Sotheby's of 3AC’s NFTs, and Bitcoin defies the odds, skyrocketing by a staggering 36% despite China's warning YoY. Meanwhile, the Grayscale Bitcoin Trust attracts eager buyers, reaching its 2023 highs.
Institutional investors are buzzing with optimism as BlackRock's Bitcoin ETF prospects soar, fueling a surge in sentiment. Meanwhile, Ethereum's Layer 2 Network zkSync era celebrates a remarkable milestone, with a locked value surpassing a whopping $500 million. Hold on tight as the stablecoin market experiences its most significant increase in three months, making waves in the crypto sphere. But that's not all! Brace yourself for a jaw-dropping auction record set by 3AC NFTs at Sotheby's in New York, raking in an astonishing $11 million. And guess what? Despite China's warning that Bitcoin was "heading to zero," BTC defied the odds and skyrocketed by a staggering 36% year on year. As the anticipation builds, Grayscale Bitcoin Trust reaches its 2023 highs, attracting a wave of eager buyers, all eyes on the BlackRock ETF filing.
Exciting news awaits as Binance supercharges the Bitcoin Lightning Network, promising a game-changing integration that will revolutionize the crypto landscape. But that's not all—China and Malaysia are teaming up to explore the incredible potential of AI in blockchain applications, opening up a world of possibilities for trade and commerce. Meanwhile, the European Commission is making waves by harnessing the power of secure blockchain technology to automate the verification of education credentials across the EU. It's a giant leap forward for streamlined processes and increased efficiency. And let's not forget the Satoshi Network's global beta version launch, marking a significant milestone in the world of decentralized networks. Plus, brace yourself for Ethscriptions, the latest sensation hitting the Ethereum scene after gaining massive popularity on Bitcoin
In an exciting turn of events, the UK House of Lords has just passed a bill that recognizes crypto as a 'regulated activity.' This means that the cryptocurrency market is set to receive a major boost in credibility and legitimacy. But that's not all! The Securities and Exchange Commission (SEC) has also struck a groundbreaking deal with Binance, paving the way for even greater cooperation and growth. On the flip side, Bakkt, a prominent digital asset platform, has made waves by announcing the delisting of SOL, ADA, and MATIC.
Deutsche Bank has taken a bold step by applying for a digital asset custody license from BaFin, signaling their entry into the exciting realm of cryptocurrencies. Meanwhile, Fujitsu has successfully wrapped up a groundbreaking project that leverages blockchain technology for seamless cross-border transactions. Not to be outdone, HSBC is making waves with plans to launch NFTs and banking services in the Metaverse—talk about merging innovation and finance! And let's not forget the crypto titans like BlackRock, Fidelity, and Valkyrie, who are leading the charge in crypto adoption with their new ETF filings, resulting in a whopping 16% surge in BTC. Last but not least, Hong Kong is embracing the power of blockchain as blockchain-based securities make their mark, expanding the reach of distributed ledgers in local financial markets.
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The number of unique addresses holding at least 1 BTC has soared to an all-time high surpassing the one million mark! And that's not all—addresses holding more than 10 BTC have also hit a new ATH, reminiscent of the days leading up to the 2020 bull run. Meanwhile, the dormant supply of Bitcoin has risen to an unprecedented 15.2 million BTC, while exchange balances dip to their lowest levels since 2018. Selling pressure is also decreasing, as evidenced by the net outflow of a staggering $400 million worth of BTC from exchanges in the past week.
Holders are playing the long game, with 2.84 million BTC being held for a decade or more—an ATH for all previous bull cycles! Glassnode's illiquid supply change metric has surged to a whopping 147,351 BTC ($3.9 billion), with the total held by illiquid entities hitting a record-breaking 15,207,843 BTC. To top it all off, Bitcoin dominance has soared to a remarkable two-year high of 50%
tl/dr:
As expected, we saw BTC/USD find support at the cluster of confluences around the $25k psychological price level. At $25k, we had a fair value gap on the daily being closed, a bullish order block, and the 200 EMA clustered to provide support. This led to a bullish price jump from $25k to $30k upon market news acting as a catalyst.
Moving forward now that we are at the high of the bullish corrective reaccumulation phase that took place, some form of pause is likely, we may even see a short-term retracement back into the discount of the bullish leg before pushing higher. Alternatively, we continue up to $33k soon.
tl/dr:
The LTFs of BTC/USD show that upon the bullish push over the last few days price diverged away from the 1H 50 EMA, moving forward a convergence back to the 50 EMA to find support or a break and retest of the underside of the EMA would act as potential signals for shorts.
Alternatively, if we continue to find support on the 50 EMA and push higher, taking out the $30,800 high would be likely.
Recent on-chain data reveals that whales have made a colossal move, withdrawing a mind-boggling $150,000,000 worth of Ethereum from two major crypto exchanges, Binance and Kraken. Talk about making waves in the crypto ocean! But that's not all - Hashkey, a prominent player in the crypto sphere, has splashed out a staggering $7.47M in USDT to snatch up 4,578 ETH from Binance amidst the fascinating USDT depegging frenzy. And that's just the tip of the iceberg! The staked ETH market has skyrocketed to an incredible 20 million milestone, doubling its value since the beginning of this year. It's a testament to the growing strength and confidence in Ethereum's future.
tl/dr:
Just as the rejection in March of the 200 EMA of ETH/USD replicated this price behavior this week. We saw price aggressively break below the 200 EMA, but as expected, this simply acted as an inducement of short sellers before price found support and quickly reversed from the bullish order block at the equilibrium.
Now that we are back above the 50 EMA on the daily, a retracement from premium prices back to discount before initiating the next bullish leg to run the $2120 high could be on the cards.
The number of unique addresses holding at least 1 BTC has soared to an all-time high surpassing the one million mark! And that's not all—addresses holding more than 10 BTC have also hit a new ATH, reminiscent of the days leading up to the 2020 bull run. Meanwhile, the dormant supply of Bitcoin has risen to an unprecedented 15.2 million BTC, while exchange balances dip to their lowest levels since 2018. Selling pressure is also decreasing, as evidenced by the net outflow of a staggering $400 million worth of BTC from exchanges in the past week.
Holders are playing the long game, with 2.84 million BTC being held for a decade or more—an ATH for all previous bull cycles! Glassnode's illiquid supply change metric has surged to a whopping 147,351 BTC ($3.9 billion), with the total held by illiquid entities hitting a record-breaking 15,207,843 BTC. To top it all off, Bitcoin dominance has soared to a remarkable two-year high of 50%
tl/dr:
As expected, we saw BTC/USD find support at the cluster of confluences around the $25k psychological price level. At $25k, we had a fair value gap on the daily being closed, a bullish order block, and the 200 EMA clustered to provide support. This led to a bullish price jump from $25k to $30k upon market news acting as a catalyst.
Moving forward now that we are at the high of the bullish corrective reaccumulation phase that took place, some form of pause is likely, we may even see a short-term retracement back into the discount of the bullish leg before pushing higher. Alternatively, we continue up to $33k soon.
tl/dr:
The LTFs of BTC/USD show that upon the bullish push over the last few days price diverged away from the 1H 50 EMA, moving forward a convergence back to the 50 EMA to find support or a break and retest of the underside of the EMA would act as potential signals for shorts.
Alternatively, if we continue to find support on the 50 EMA and push higher, taking out the $30,800 high would be likely.
Recent on-chain data reveals that whales have made a colossal move, withdrawing a mind-boggling $150,000,000 worth of Ethereum from two major crypto exchanges, Binance and Kraken. Talk about making waves in the crypto ocean! But that's not all - Hashkey, a prominent player in the crypto sphere, has splashed out a staggering $7.47M in USDT to snatch up 4,578 ETH from Binance amidst the fascinating USDT depegging frenzy. And that's just the tip of the iceberg! The staked ETH market has skyrocketed to an incredible 20 million milestone, doubling its value since the beginning of this year. It's a testament to the growing strength and confidence in Ethereum's future.
tl/dr:
Just as the rejection in March of the 200 EMA of ETH/USD replicated this price behavior this week. We saw price aggressively break below the 200 EMA, but as expected, this simply acted as an inducement of short sellers before price found support and quickly reversed from the bullish order block at the equilibrium.
Now that we are back above the 50 EMA on the daily, a retracement from premium prices back to discount before initiating the next bullish leg to run the $2120 high could be on the cards.
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.
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