KEY MARKET INSIGHTS

The Week That Was - Btc / USD

Fierce rejection at an important level has Bears in control

The 200 MA has proven too much for bulls to overcome in the short term and the back-test of $46,000 and 21 Weekly EMA failed to hold. Choppy waters appear likely in the short term.

If you have been reading our previous editions you would know how important holding the $46,000 level was for Bitcoin to move higher. The 43-46k area represented a band of resistance and support that Bitcoin had been grappling with for over a year and a half. Remaining above it is considered bullish for a move back highs while below it, Bitcoin must again face more tests of the recent lows. With Bitcoin losing 46k and falling back within the ascending wedge formed over the last few months bulls must push back above $45k in the near term - the 50 MA at $42,000 will provide heavy support so watch out below if this support is lost. Bulls are still respecting the up-trend so no need to panic in the big picture.

This latest sell-off coincides with an aggressive US Federal reserve aiming to go harder with interest rate rises in MAY. Traditional markets have felt this and are now attempting to price in the news so watching the S&P 500 is advised. Bitcoin will be at its whim until stability can be found. For deeper insights into April with crypto buy/sell recommendations, sign-up for our paid Monthly Newsletter. Link in the description. Happy Hunting!

THIS WEEK’S TOP HIGHLIGHTS

1. Anticipated Bitcoin 2022 Conference begins in Miami

2. Terra Labs has resumed buying hundreds of million in Bitcoin per day

3. UK plans to become the Crypto Hub of the world. The treasury plans to mint an NFT

4. US FED signals alarm at inflation and aims to raise rates further in MAY/JUNE

5. The Tennessee Titans (NFL) will now accept Bitcoin for payment.

On-Chain Insight

According to Glassnode, Bitcoin 's illiquid supply has been increasing for the past 214 days.

Surpassing the 2020 accumulation. Bitcoin sell pressure is fading as supply goes into wallets that do not sell often

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