Jan.16-Jan.22(BTC)Weekly market recap

BTC ETF traded for 8 days. Except for GBTC, the remaining 10 BTC ETFs are experiencing capital inflows. Most of the funds flowing out of GBTC have flowed into lower-fee BTC ETFs. But for the market, although the long-term bullish trend has not been destroyed, Sell the news has brought about a clear correction. Crypto markets entered a callback period.

The next important event is the arrival of the BTC halving, and the Federal Reserve begin to change their monetary policy. The former will be in April, and the latter will appear as soon as the FOMC in March or May based on the current interest rate market. Until then, the market will pay for the excessive pricing of BTC ETFs.

BTC continued to fall last week, falling below the lower rail(41000) of the range yesterday, and was accompanied by obvious trading volume. Judging from the decline process, the bulls did not strengthen after approaching 41000, but continued to fall after the fluctuation. The bears are clearly stronger than the bulls. Due to the previous rapid rise, there is no stable support between 41000 and 38000.

From an indicator perspective, although the ME indicator maintains a bullish signal, the purple wavy area is narrowing. On the WTA indicator, whales took profits after BTC reach 49000.

To sum up, we believe that BTC will most likely continue to fall this week and hit the given support level of 38000. We maintain last week’s resistance level of 48000 and support level of 38000.

Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.

Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.


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