BTC back to 28k after good market news will it hold?

BTC back to 28k after good market news will it hold?

Dear traders,

Before the US stock market opened, BTC experienced a pump alongside stocks and is currently holding above $28k. It remains to be seen if it will hold the line.

TOP Trader

BTC аfter-market, BTC hit a high range of $28,600, with the possibility of hitting $28,800-$29,000 before potentially pushing back if resistance holds. Despite a possible retest of the drop, the market remains bullish on a larger time frame.

ETH has pushed back up to $1,850 with the market, but it needs to hold above support for a bullish uptrend. Alts are slowly following, but there is currently no significant volume before the US stock market opens.

XRP has broken above its $0.46 support and needs to hold before the US stock market opens for a bullish continuation. It is still in danger before the next drop.

LINK is holding above strong support at $7 and aiming for $7.4 to break out. On a bigger time frame, it remains a good buy option.

SOL has bounced back from a big support at $20 and hit $22 resistance. It needs to break $22 for bullish continuation, but there is still no significant buy volume on SOL.

DXY is still fighting to hold the 101.5 range for bullish continuation.

Crypto/stock daily news:

1/ ~200K Bitcoin inscriptions were created on April 23

That’s the most inscriptions ever created in one day. It’s not even close:

Why? Bitcoiners have been texting. No really, almost 99% of inscriptions created on the 23rd were text-based.

This is probably because of BRC-20 tokens. They let people launch fungible tokens on the Bitcoin blockchain. Just like how you can deploy a token or Dapp on Ethereum.

First it was Bitcoin NFTs and now it’s Bitcoin meme coins:

So what? After months of hype, it seemed like interest in inscriptions was waning. BRC-20 tokens might be a nice energy boost.

But don’t jump in too quickly. They are being used as an experiment and even the creator called them “worthless”.

2/ USDT approaches all-time-high market cap of $83B

It’s been up only for the market cap of USDT in 2023, rising more than 18% since the start of the year.

And its dominance of the stablecoin market share just reached its highest level in two years.

Why? Crypto folks are avoiding the U.S. like it’s a guy in a white van handing out candy.

USDC’s market cap is down 10% this month with the SEC and its crypto witch hunt. And BUSD has it even worse: Theirs just hit a 2 year low.

Tether (USDT) has been able to avoid these concerns because they are located outside of the U.S. and are not regulated.

Looks like investors would rather deal with USDT’s backing issues instead of murky regulation.

Why is this important? A year ago, Tether was said to be one of the biggest risks to the crypto market. Several frauds & collapses later, it’s the golden child of stablecoins.

3/ There were $30M in digital asset outflows last week

That means a 4-week streak of inflows has ended. Womp womp

The outflows started on April 14, when BTC reached $30K.

So what? People were likely cashing out since BTC is higher than it’s been in months. #gainz

But don’t worry, ETH saw the opposite. Investors were so giddy about the network’s Shapella upgrade that there were $17M of inflows

You win some, you lose some.

4/ Total ETH staked hit an all-time-high since Shapella

There is 18.88M ETH ($34.6B) staked. That’s the most ETH that’s been staked since April 12.

So what? This is good! Shapella let holders unstake their ETH. And turns out people didn’t turn around and sell their newly-unstaked ETH.

There wasn’t a major sell-off – ETH even hit a months-long high of $2K ~1 week ago.

Instead, holders are re-staking it. Although, Nansen said withdrawals may start outweighing deposits soon.

Watch this space…

Final words:

Market shows some push back but still early before next move. Don’t FOMO and wait for best opportunity for next swing.

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Sentiment Is now BULLISH and real test for bulls are this week.

Not Financial Advice!

Good luck with trades!


TOP Trader