KEY MARKET INSIGHTS

The Week That Was - Btc / USD

After FED raises Interest Rates, Bitcoin bounces above $40,000k

Bitcoin continues to make higher lows as seen by the green line on our chart but the whipsaw continues. We have seen incredible volatility in the last 7-days, price moving sometimes up to 14% before a full retracement in the other direction - showing market indecision. This week importantly we saw another attempt by sellers to assault the $37,500 region that was subsequently rejected for the 4th time in a month. The drop saw BTC creep below the $39,000 area where the most volume has been observed in Bitcoin's history and led many to believe that sellers would take the market down into the low 30k's. Bulls stepped in at the crucial $37,500 support level that has held for months, and reversed the situation leading into the US Federal Reserves well-known 0.25% rate rise announcement.

With Bitcoin now yet again above key moving averages, buyers ability to relentlessly absorb sell pressure and find lows ever higher is a signal that we may be seeing seller exhaustion and a breakout to the upside in the near term according to new bullish momentum on the RSI. However, stepping back, we are still ranging between $46,000 & $37,000. Until we see a directional break we must be patient and not get drawn into early conclusions. For deeper insights into April with crypto buy/sell recommendations, sign-up to our paid Monthly Newsletter. Link in the description. Happy Hunting!

THIS WEEKS TOP HIGHLIGHTS

1. US FED announces 0.25% Interest rate rise and signals further hikes

2. Ukraine's President Officially legalises Bitcoin & Crypto

3. US Senator introduces bill to remove CG Tax on Crypto transactions below $600

4. HSBC joins Sandbox to offer educational finance games

5. UK's (FCA) financial authority bans Bitcoin ATM's in country

On-Chain Insight

According to Glassnode, Bitcoin's Long-Term Holders are adding to their balance at an annualised rate of 7.6x issuance.

With 900 $BTC in mined issuance per day, this means around 6,840 BTC moving into LTH storage daily.

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DID YOU KNOW?

$51 Million US Dollars worth of Cryptocurrency to date has been donated directly to the Ukrainian Government.

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