Over the last week, the cryptocurrency market was on fire, with practically every major coin increasing in value. A soaring stock market, lower inflation, and lower interest rates have been tailwinds, but some potentially beneficial industry news has also been.
The good CPI report provided by the Bureau of Labor Statistics (BLS), which showed total inflation for all urban consumers dropping by 0.1%, looks to be a primary catalyst for the price surge.
The "Shanghai Hard Fork," Ethereum's next upgrade, is also considered as the trigger of crypto market price increase because it would liberate coins that have been frozen and unreachable for months.
The liquidators of FTX claim to have collected $5 billion in assets, including cash and cryptocurrency. The court has ordered that monies be returned to clients by March 15, 2023, while FTX's CFO Mary Cilia previously predicted that FTX might do it by April.
Bitcoin (BTC) breaks above $21,000 before beginning to cool off.
This move to the upside pushes RSI consistently into the overbought area all throughout the past week. MACD too rises continuously, with the 4H MACD only crossing down over the weekend, suggesting weakening momentum (this is typical despite the recent market run up).
Not seen on the charts, is that BTC has entered a very strongly contested price range with the top end of that range being $24,810.
BTC's funding rate across multiple timeframes are still bearish from exchange to exchange, with predicted funding rates being more bearish than they are now.
Ethereum continues its move to the upside, forming a small cup on the 4H chart, it looks ready to retest the 20-MA before yet another short-run up.
ETH treats the 20-MA line as support as it continued its rally to the upside last week. MACD also flattens out in the near-term, suggesting that the bears are beginning to take control.
As this bear market continues to go on, short liquidations on ETH also continue to skyrocket every time there is an uptick in price, as seen this morning.
Expecting markets to flatten out towards the end of the week, with a continued uptrend in price in the beginning of the week.
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