KEY MARKET INSIGHTS

The Week That Was - Btc / USD

Signs of weakness in Traditional markets point to BTC re-testing the lows...

Bitcoin's slow grind into the $40,000 area continued this week and sellers remain in full control with bulls failing to roar higher than the daily 21 EMA. As the S&P 500 & NASDAQ appear to be weakening for a larger correction, Bitcoin too is finding the going tough and has closed once again beneath key horizontal support at $42,000. While Bitcoin is every bit trying to create a bottoming structure, that does not mean we can't see volatility in the short term and if sellers arrive in any meaningful way, a hard press beneath 40k is on the offering and could escalate into a larger drop. Without getting too carried away, we must play it level by level and the band from $38,000 - $42,000 is crucial to hold for an early year resumption of the bull market.

On the daily, bulls will be seeing price action similar to the 30k drop and also a falling wedge that could provide the platform for a reversal here, but buyers simply cannot get excited until we break the trend and while the conditions are there in the on-chain we are yet to see a convincing move. Remember, the trend is your friend until the end.

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THIS WEEKS TOP HIGHLIGHTS

1. Google says they are watching Bitcoin & Crypto closely

2. Intel plans to release an energy efficient Bitcoin mining chip

3. Microsoft buys Activision and plants flag for entry into the Metaverse

4. Bitcoin App Strike is the no.1 downloaded app in Argentina

5. Ethereum Circulating supply dips below BTC for the first time this year

On-Chain Insight

According to Glassnode, Short-Term Holders, (investors who bought their coins within the past few months) currently hold 3 million BTC.

This is a historically low level, and one that hasn’t been seen since August 2020.

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DID YOU KNOW?

US Fintech company, Milo has released a product to allow you to fully back a 30-year mortgage with Bitcoin and zero fiat.

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