KEY MARKET INSIGHTS

The Week That Was - Btc / USD

Bitcoin moves to reclaim $40,000 and revive hopes of bullish April.

In a week overshadowed by the Bitcoin 2022 Conference and an abysmal US inflation report, Bitcoin has been showing its trademark volatility in stormy seas.

Largely following the trajectory and price movement of US Stocks, Bitcoin lost the 40k level and raced toward $39,000 before buyers stepped in. As you can see on the chart we lost the crucial 50 MA and also dropped out of the ascending triangle. The battle for Bitcoin now will be to close back inside the wedge and then overcome the heavy volume support at $42,000. This won't be easy. If it holds as resistance then we need to look lower.

The positive for bulls on longer time frames is that the up-trend is still very much intact

and a close above $40,000 on the weekly will confirm it. The weekly paints a very clear picture as opposed to the daily and 4hr. Bullish momentum is building as the price is falling and volumes are increasing. In the broader picture, the crypto market is slowly coming out of a consolidation phase and we can expect a decisive move soon. As price continues to grind higher in the face of negative headlines we should expect a bias to the upside unless $39k is lost with conviction. For deeper insights into April with crypto buy/sell recommendations, sign-up to our paid Monthly Newsletter. Link in the description. Happy Hunting!

THIS WEEK’S TOP HIGHLIGHTS

1. Two new jurisdictions name BTC legal tender, Honduras Econ zone and Madeira

2. US Senator for Texas, Ted Cruz, wants to make Bitcoin Legal Tender

3. ETH 2.0 postponed until later this year

4. Brazil announces imminent approval of Crypto legalisation bill

5. Largest payments processor in the world, FIS, will enable trade, borrow & lend BTC

On-Chain Insight

According to Analyst Will Clemente and Glassnode, Bitcoin outflows from exchanges has reached levels not seen since the last major run ups in price.

Good signal we are due for a price reversal.

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DID YOU KNOW?

The Bitcoin 2022 Conference in Miami was the largest event of its kind ever with over 25,000 people in attendance

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