Cryptocurrencies under pressure 📉 Bitcoin struggles to maintain $63,000

The cryptocurrency market is experiencing significant declines, with bitcoin's discount from its historical highs reaching nearly 15%. The altcoins are losing more heavily than the main cryptocurrency. Ethereum falls by more than 7%, while Solana is similarly discounted by more than 10%, as is Dogecoin. Following yesterday's 15% discount to Microstrategy (MSTR.US) shares, the company's shares are trading down another 10% today ahead of the US market open.

• The strengthening dollar has put pressure on cryptocurrencies giving investors an excuse to realise record profits
• The average buy price of investors in ETFs is around USD 50 000 which still implies an average gain of 25%
• The average buy price of short-term investors is hovering around USD 46,000 which, despite recent declines, implies an average gain of around 35%
• ETFs are seeing limited inflows, with outflows from Grayscale (GBTC) yesterday proving to be the highest on record (US$642m), pulling the overall net balance into negative territory

Bitcoin (D1)

In addition to the onchain levels (USD 50,000, USD 46,000), very far from the current price, it is worth noting the 23.6 and 38.2 Fibonacci retracement (around USD 60,000 and USD 50,000). The SMA50, which the market, after entering the most dynamic phase of the bull market in October 2020, did not test until May 2021, may also prove to be an important momentum support. The average has not been tested since around 20 January 2023.