- Bitcoin gains slightly to $57k, and opens the week with a slight increase, after last week's declines
- Chainlink, Filecoin and Cardano gain in the range of 7 - 8%, while Ethereum gains more than 3% and breaks above $3k.
- When Bitcoin dropped below $53,000, U.S. ETFs on Friday recorded more than $140 million net inflows; the market read this as 'strength' of the BTC accumulating investor group
Sentiments of the cryptocurrency market has improved somewhat since last week, when Bitcoin tested multi-month lows below $53k. Undoubtedly, the market reads as good coin the fact that despite capitulation and panic in the crypto market, there is virtually no trace of selling in US ETFs. Hardly, last Friday brought nearly $143 million in net inflows, reflecting the prevailing 'long-term' mindset of equity holders; the record inflows in some 30 days came at a time when the price of Bitcoin has taken a serious battering, which could further signal optimism. This one could suggest that we are seeing only 'short-term' weakness, in an ongoing bull market, and that ETFs may be a very important demand component.
Markets are primarily waiting this week for CPI inflation from the U.S., which will be released at 1:30 PM BST, on Thursday. Then, too, Bitcoin's 'momentum' may gain additional fuel. Significant risks still remain, however. A wallet owned by German regulators still holds more than 39,826 unsold BTC according to Arkham data; in recent hours it has moved another 1205 BTC (about $60 million) to exchanges, presumably for resale. At the same time, the Mt.Gox exchange (more than 140,000 BTC) still hasn't started the process of repaying creditors and hasn't made direct sales on the market. For example, the trading volume of BTC on the major exchanges over the past 24 hours amounted to $25 billion (against about $10.5 billion in BTC held by Mt.Gox and Germany).
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Create account Try a demo Download mobile app Download mobile appMore than $140 million flowed into Bitcoin ETFs, on Friday, when cryptocurrency market sentiment was very weak. The most active ETF was the Fidelity and Bitwise, while inflows to BlackRock's IBIT are muted. Source: Bloomberg Finance L.P.
Ethereum and Bitcoin (D1, H1 interval)
Bitcoin over the weekend 'bounced' off resistance near the SMA200 (red line). Crossing the $58,700 barrier is a short-term priority for bulls.
Source: xStation5
Bitcoin surrendered nearly $1,000 after approaching important short-term levels above $58,000, per cryptocurrency; however, it still remains above the moving averages, suggesting a possible extended upward momentum.
Source: xStation5
Ethereum is also approaching a test of the SMA200 and has once again halted the decline between $2,800 - $2,900. This zone is currently the most important support level.
Source: xStation5
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