Jan.23-Jan.30(BTC)Weekly market recap
Funds continue to flow out of GBTC. Since the BTC ETF was approved, US55B has flowed out, and at the current speed, GBTC is expected to be cleared by the end of February. What makes us curious is why the fee of GBTC is higher than that of several other ETFs. Obviously, investors are not willing to bear such a high cost, and it is difficult for GBTC to increase assets. We believe that the outflow of funds from GBTC will continue to put pressure on BTC prices, but it will still move towards ATH in the medium and long term.
Last week, BTC began to rebound after approaching 38000, and the price returned to above 42000. We can see from the candle chart that before December last year, BTC basically maintained a fluctuation below 38000. But when the market learned that BTC ETF was likely to be approved in January, overpricing began. Therefore, BTC fell back to 38000 again last week, indicating that overpricing has been repaired.
After a week of gains, BTC continues to maintain a bullish trend. The purple wavy area on the ME indicator has not narrowed further. However, judging from the trading volume and WTA indicators, last week's rebound was not supported by whales, and the trading volume was also lower than in the past.
Switching to the 4h level, the ME indicator is changing from a bearish trend to a bullish trend. But on the WTA indicator, it is similar to the daily level. The rebound last week didn't have a lot of whale support.
To sum up, we think that whales believe that the current price of BTC is still not an entry point. BTC is more likely to be fluctuating this week. We maintain the original resistance level 48000 and support level 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.
Last week, BTC began to rebound after approaching 38000, and the price returned to above 42000. We can see from the candle chart that before December last year, BTC basically maintained a fluctuation below 38000. But when the market learned that BTC ETF was likely to be approved in January, overpricing began. Therefore, BTC fell back to 38000 again last week, indicating that overpricing has been repaired.
After a week of gains, BTC continues to maintain a bullish trend. The purple wavy area on the ME indicator has not narrowed further. However, judging from the trading volume and WTA indicators, last week's rebound was not supported by whales, and the trading volume was also lower than in the past.
Switching to the 4h level, the ME indicator is changing from a bearish trend to a bullish trend. But on the WTA indicator, it is similar to the daily level. The rebound last week didn't have a lot of whale support.
To sum up, we think that whales believe that the current price of BTC is still not an entry point. BTC is more likely to be fluctuating this week. We maintain the original resistance level 48000 and support level 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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