KEY MARKET INSIGHTS

The Week That Was - Btc / USD

Bitcoin breaks free of Down Trend and charts a new path!

With a break from the 100 day bear-trend and a spectacular 10% candle through the 21 Daily EMA, Bitcoin has seen continuation led by strong bullish momentum on the RSI. Heady resistance at $46,000 has reenergised sellers and will continue to provide resistance as long as Bitcoin advances toward $50,000. Reclaiming the psychological level of $40,000 and then the critical volume support at $42k will give bulls a tailwind to ride higher on the back of a market still betting Bitcoin will go lower according to negative funding rates.

Bitcoin likely will re-test the 50 MA at $42k - $40k to secure its higher-low trend and as a platform to launch at 50k, while sub $40,000 prices will be back on if 42k fails. On the 4hr, Bitcoin is forming an up-trending wedge that aims to continue this impulse toward the 200 Daily MA at $50,000. Momentum will follow positive price action above these key structural levels and bulls will be quietly confident that sellers have exhausted themselves in the short term barring any macro headwinds. Market watchers will be paying attention to tomorrow's US inflation data for a reaction but weekly and monthly charts show bulls back in control. However, before BTC goes full-bull mode again, it must reclaim the weekly 21 EMA at 50k.

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THIS WEEKS TOP HIGHLIGHTS

1. Russian Central Bank and Kremlin look to regulate and classify Crypto as a currency

2. BlackRock (11.1 Trillion AUM) plan to offer Crypto Trading to clients

3. Disney says Metaverse is "front of mind for them"

4. Top 4 global Accounting firm KPMG adds Bitcoin & Ethereum to treasury reserves

5. Apple's soon to be ‘tap-to-pay’ feature will allow Bitcoin card payments

On-Chain Insight

According to Glassnode,

The US Government sits behind MicroStrategy and Grayscale in Bitcoin holdings after the Bitfinex seizure, owning more than $TSLA.

If the US decides to sell, big players will get a huge opportunity to buy in bulk.

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DID YOU KNOW?

Bitcoin's hashrate (security of the network) has returned to ATH levels after the 50% drop during last year's "China Ban"

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