Weekly Cryptocurrency Insights: Review of Bitcoin, Ethereum, and Toncoin Trends from the Last Week
In Brief
This article delivers an in-depth examination of the previous week's happenings in the cryptocurrency sphere, spotlighting significant capital infusions into Bitcoin and Ethereum, key price dynamics, major market catalysts, and the performance of Toncoin, along with growing institutional interest.
Bitcoin News & Macro
Let’s take a closer look at Bitcoin’s performance from the past week. Bitcoin and Ether spearheaded a massive inflow of $17.8 billion, representing the fifth-highest weekly inflow in history.
Source: CoinShares
This influx allowed Bitcoin to regain momentum, surpassing the $60,000 threshold, indicating robust investor enthusiasm. Nevertheless, analysts maintain a cautious approach, attributing Bitcoin's future trajectory to macroeconomic factors.
Source: Dune
Bitcoin miners in the US are holding onto their assets, anticipating further price increases, while BlackRock’s assets under management reached a staggering $10 trillion, driven by rising ETF investments. Such institutional confidence is providing a reliable foundation for Bitcoin.
Source: Arkham Intelligence
The market experienced a jolt following developments from Mt. Gox, with $9 billion worth of Bitcoin shifting from cold storage, raising fears of a sell-off. Nevertheless, Bitcoin demonstrated its resilience, rebounding to over $65,000 as traders disregarded these potential threats.
Currently, the ongoing crackdown in Mainland China is exerting some downward pressure on the market. Despite this, a bullish sentiment remains, especially after BlackRock's CEO softened his previous skepticism around digital currencies.
And there's also the political landscape to consider. Speculation surrounding a potential Trump victory in the upcoming US presidential election is making waves. Many view this possibility as a positive development for Bitcoin, given Trump’s evident support for cryptocurrency. With Biden's departure from the race, anything seems possible, but historical patterns suggest politicians often make bold claims leading up to elections.
BTC Price Analysis
With all that in mind, let’s analyze the technical indicators. On the daily chart, Bitcoin has surmounted its consolidation phase, rising from $54,000 to $69,000 – a striking 24% jump in just one highlighted week. This surge indicates a prevailing bullish momentum.
Source: TradingView
Key support at $54,000 acted as a barrier against declines, instigating a vigorous rebound. Once it broke through the resistance near $63,000, Bitcoin accelerated its upward momentum. The convergence of the 20-day and 50-day EMAs on the daily chart suggests a transition from bearish to bullish market sentiment.
Source: TradingView
On the 4-hour chart, the climb is notably vigorous. Following the breakout at $63,000, Bitcoin established a steep upward trend with higher peaks and troughs. The 50-EMA has provided support during pullbacks, while the RSI, although occasionally in the overbought territory, indicates strong bullish energy.
Consequently, the $67,000 level, which was initially a resistance, is now acting as support, with Bitcoin stabilizing just above it. The rejection at $69,000 hints at profit-taking, but consolidation at $67,000 indicates that buyers are still firmly in control.
Thus, Bitcoin’s breakout across significant resistance levels, robust EMA support, and positive RSI signals point toward a bright outlook. If it maintains support around $67,000 and surpasses $69,000, fresh peaks could be on the horizon, whereas dips below may signal a period of consolidation or minor corrections.
Ethereum News & Macro
Looking back on the past week, Ethereum's journey was somewhat parallel to that of Bitcoin. The anticipation surrounding the impending Ethereum ETFs has sparked excitement across the market.
Source: Bybit
Institutions are making substantial investments in Ether, which has propelled its price beyond $3,300. This week marked one of the largest inflows we’ve witnessed recently, indicating a burgeoning interest.
However, it's important to note that while the overall trend is positive, certain analysts urge caution. There's a possibility that the initial fervor surrounding the ETFs might fade, leading to potential price corrections. Nonetheless, the overall sentiment remains optimistic, with many speculating that Ether could potentially eclipse Bitcoin following the ETF launches. The SEC’s initial approval for several Ethereum ETF filings has certainly contributed to this optimism.
Nonetheless, there's always a lingering concern about possible regulatory setbacks, especially now that the SEC has requested final submissions from issuers.
ETH Price Analysis
In light of Bitcoin’s strong recovery, a favorable environment has emerged for Ethereum’s growth. However, ETH's current movement appears to suggest an accumulation phase, with traders positioning themselves ahead of an expected breakout. Let’s delve into the details.
Source: TradingView
On the daily chart (blue box), Ethereum surged from approximately $2,800 to the $3,500 resistance level, mirroring the broader bullish sentiment in the cryptocurrency market. The convergence of the 20-day and 50-day EMAs hints at a possible trend reversal if ETH can remain above these thresholds. A breakout past $3,000 indicated a shift in momentum, but the $3,500 barrier triggered a minor pullback, as traders chose to take profits within this range.
Source: TradingView
On the 4-hour chart, after testing the $3,000 support, ETH enjoyed a robust rally fueled by buying enthusiasm, with the RSI moving from oversold to neutral. However, the resistance around $3,500 led to some consolidation. Persistent closes above $3,000 have bolstered bullish sentiment, while struggles to breach $3,500 have curtailed upward progress, reflecting Bitcoin’s volatility.
The balance of support at $3,000 and resistance at $3,500, together with EMA trends, depicts a market in a reflective state, poised for significant movement.
Toncoin News & Macro
Toncoin has been buzzing with developments, echoing the sentiments prevailing in Bitcoin and Ethereum. With TVL on the TON Network soaring past $760 million, investor intrigue has surged, thrusting Toncoin into the limelight.
Source: DefiLlama
The big news for Toncoin is that Coinbase International has opted to list futures on TON, showcasing major players diving wholeheartedly into the crypto sphere.
Nevertheless, it hasn't all been a smooth ride. The recent WazirX hack, which resulted in a staggering loss of $235 million, has raised critical security concerns across crypto exchanges.
Yet, like Bitcoin’s bounce back, Toncoin has exhibited remarkable resilience. Let’s explore how that’s unfolded.
TON Price Analysis
Toncoin (TON) experienced a classic showdown this week between bulls and bears, navigating between key support at $7.10 and resistance around $7.50, as illustrated in the blue box.
Source: TradingView
On the daily chart, TON displayed fluctuations within this range. The 20-day EMA just above the current price suggests lingering bearish sentiment, while the 50-day EMA beneath hints at a potential bullish trend over the longer term. This EMA convergence reflects market uncertainty, showing no clear advantage for either buyers or sellers.
Price movements throughout the week encompassed rallies and pullbacks. Attempts to rise above $7.50 faced significant selling resistance, while support at $7.10 remained steadfast, illustrating TON’s consolidation phase.
Source: TradingView
On the 4-hour chart, after testing the $7.10 support, TON briefly rallied towards $7.50, fueled by renewed buying interest, with the RSI rising from oversold to neutral territory. However, resistance at $7.50 led to a consolidation around $7.20.
While no distinctive chart patterns like triangles or flags have emerged, the overall trend suggests an accumulation phase, with traders strategically building their positions in anticipation of a breakout.
Disclaimer
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