Bitcoin's next target is now 32,000
👇 1) Yesterday, we predicted that Bitcoin could take out the 30,000 level this week. Indeed, Bitcoin has now reached 29,676 and is just one percent away. While this number is only of psychological importance, our target for December 2023 remains 45,000 based on the ‘January Effect’ combined with various quant and macro factors that are favorable this year. As Bitcoin tends to move in 4,000 point increments, the next target is now 32,000.
👇 2) Bitcoin price is 29,676 above the 50d MA 25,470 -> this is bullish, price WoW increased by 5.1%; Ethereum price is 1,910 above the 50d MA 1,709 -> this is bullish, price WoW increased by 6.3%; overall the trend is up -> bullish.
👇 3) Ethereum outperforms Bitcoin currently as the trend (20d) MA shows ETH / BTC ratio is going up, crypto is driven by alpha factors, this is positive, find idiosyncratic trades.
👇 4) The Global Crypto market cap increased by +4.6% WoW to $1.27trn, above the 50d MA ($1.16trn), which is bullish, Bitcoin dominance at 44.4% for the week (above the 50d MA 42.4% -> as alt coins underperforming), this is neutral.
👇 5) Global Crypto trading volume decreased by -41.3% WoW to $48.6bn, below the 50d MA ($82.8bn), which is neutral, weekly Bitcoin volume was -55% lower than avg. while Ethereum volume was -12% lower than average.
👇 6) Top 3 stablecoin mkt cap ($120.5bn) is in the 2%ile range, volume ($29.7bn) is in the 9%ile range (last 3m), Mkt cap WoW +0.4% or $+0.5bn, is a very bullish sign for 'risk-on' liquidity (as USDC mkt cap down while USDT mkt cap up).
👇 7) TVL is above the 2m MA, which is positive, TVL (Total Value Locked) increased by +9.6% (or by $+4.9bn) WoW, & now stands at $70.7bn, notably Lido TVL increased by +2.2% to $11.2bn, TVL inflows driven by Decentralized Exchanges (Dexes) sector with $3.88bn inflows to $20.31bn, Curve dominance 33.9%.
👇 8) The number of active Bitcoin addresses has increased by 5.9% over the last 1 week, to 833k, this is bullish, number of active Ethereum addresses has decreased by -2.9% over the last 1 week, to 682k, this is bearish, Ethereum weekly transaction fees are 14% higher than avg., this is bullish.
👇 9) The futures funding rate trades positive for Bitcoin (4.4%), this is bullish and the funding rate is positive for Ethereum (7.9%), this is bullish. Bitcoin futures saw avg. daily liquidations of $21m, historically, liquidations print $55m, this is seen as neutral, Ethereum saw avg. daily liquidations of $14m, historically, liquidations print $49m, this is seen as neutral.
👇 10) Our Greed & Fear Index prints 93%, while the Ethereum Greed & Fear Index prints 90%. The RSI for Bitcoin is 68% while the Ethereum RSI is at 66%.
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