Weekly Crypto Market Report
Dow Jones Industrial Average corrected marginally over the week and closed below $36,000. The 4-hourly chart can be seen moving within a triangle pattern. Immediate resistance is expected at $36,550
GOLD
Gold gained back momentum to close above $1800 level. The daily trend indicates Gold Futures traversing within the triangle pattern. Immediate support is expected at $1720 level and resistance is expected at $1880
BITCOIN
Bitcoin bounced back to $44K level after plunging below $41K. On the daily timeframe, BTC continues to trade within a descending channel pattern. Immediate support is expected at the $40,000 mark.
ETHEREUM
Ethereum too gained back momentum with buyers taking huge positions below $3,100 level. The weekly trend pattern is still trading at the support level. Immediate support is expected at $2,730
In conclusion…
The overall stock markets closed lower on Friday with the Dow Jones Industrial Average sliding down by almost 0.5% while S&P 500 Index closed 1.4% lower. Gold regained its position over the $1,800 level while gaining momentum over the last week. The overall crypto markets bounced back after taking a heavy toll since the end of December 2021. Bitcoin recovered back to $44K levels over the week after plummeting to sub $41K level. Ethereum and other Altcoins followed suit behind Bitcoin and regained lost momentum. The crypto markets saw buyers and large investors take positions in Bitcoin and other major Altcoins.
As predicted last week, after several days of correction, the crypto markets have bounced back and gained back some lost ground. We saw buying momentum and volumes picking up for Bitcoin and other major Altcoins. With the US inflation reaching a 40-year high of 7%, the crypto market saw an increase in the inflow of funds. The key support for Bitcoin remains at $40K and a breakout above $45,000 could see a surge ahead for BTC.
Following are the highlights of the week:-
- Neobank N26 is planning to launch a crypto trading business this year.
- Costa Rica hydro plant gets new lease on life from crypto mining.
- Jack Dorsey spearheads a new fund to defend Bitcoin developers against legal action.
- Turks pile into Bitcoin and Tether to escape plunging Lira.
- Torus Kling blockchain to launch India’s first Bitcoin ETFs.
- Rio-de-Janeiro Mayor announces that the city will put 1% of its treasury into cryptocurrency.
FTM, MINA and ADA appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, LUNA gained 30% in the last week as compared to BTC gaining 4% in the same time period.
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