KEY MARKET INSIGHTS

The Week That Was - Btc / USD

Bitcoin breaches important level amid macro uncertainty - hang on tight!

Bitcoin had been losing steam all week - each successive bounce getting weaker into support at $45,000 until finally, it broke. Enter the US Federal reserve. The news that it will be tightening rates and accelerating tapering operations couldn't have come at a more inopportune time, and sent the US stock market into a nose dive. That heavy sell pressure flowed down to the Cryptocurrency space as it so often has in recent memory.

So far Bitcoin is grappling with the Dec 4th lows but further lows are in-store if bulls don't step in here to reverse the situation. However, any bounce will now run into support turned resistance above ($45k) and it will take an aggressive reversal in the short term to overcome that obstacle. A hard low must be found in order for Bitcoin & Crypto broadly to see relief.

The outlook in these situations is often an aggressive sell-off into extreme areas that cause max pain. $42,000 is the last doorstop until $38,000 that sits below structural support. We know there is a large amount of leverage still in the market and a downside flush before any rally would seem plausible. For deeper insights into January with crypto buy/sell recommendations, sign-up to our paid Monthly Newsletter. Link in the description. Happy Hunting!

THIS WEEKS TOP HIGHLIGHTS

1. Kazakhstan unrest see internet outages and a 12% drop in BTC hashrate

2. FED minutes send markets into a tailspin over sooner rate rises and faster taper

3. Remittance Giant MoneyGram buys 4% stake in Bitcoin ATM company

4. World Chess Champion says Bitcoin will replace dollar in 10 years time

5. Serena Williams buys a CryptoPunk NFT

On-Chain Insight

According to Glassnode, Ethereum wallets holding 0.1 ETH just reached all time high.

This signals that the ETH ecosystem is growing and ETH's underlying fundamental value is strong.

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DID YOU KNOW?

18% of all Bitcoin hashrate is now situated in Kazakhstan where we are seeing unrest. Miners fled there from China after the ban and now face an uncertain future

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