Weekly Crypto Market Report
The overall stock market had an impressive week or so. Dow Jones formed a double bottom pattern and has closed above the previous resistance of $35,500. We could see the market making a fresh bull run from here. The next resistance is expected at $36100 level.
GOLD
Gold is treading along the ascending channel pattern. However, Gold is yet to hold strong above $1800. The resistance level remains at $1925 and support at $1675.
BITCOIN
Last week had a watershed moment with Bitcoin smashing its previous ATH of $67,000 mark and Bitcoin Futures ETF listing on the NYSE. BTC broke out of the channel pattern and retesting the support level at $60K level. Immediate resistance is expected at $68,100.
ETHEREUM
Ethereum saw some vigour in the last week. ETH broke out of the descending channel pattern on the daily chart. Immediate resistance remains at the $0.072 levels, breaking which we could see a strong rally in ETH.
In conclusion…
The overall stock market has been on a steady rise. Dow Jones Industrial Average went up by 0.21% to record a new high. Gold is treading along at $1800 levels but is unable to hold strong above that mark. Bitcoin had a majestic week of sorts with its Futures ETF listing on the NYSE and it breaking its previous ATH. Ethereum has shown indications of the start of strong bullish momentum which will trigger other Altcoins towards fresher rallies.
The last week has been rather good for the top crypto tokens with Bitcoin surging past $67K. Following are the highlights of the week:-
- Trump regulator gave quiet legal blessing to crypto trading by banks.
- Coinbase spent nearly $800K on lobbying in 2021’s third quarter as part of influence revamp.
- Bitcoin at your bank: NYDIG names first 2 firms to roll out BTC buys.
- Valkyrie Funds launches the Valkyrie Bitcoin Strategy ETF (BTF) focused on Bitcoin futures.
- Walmart has quietly begun hosting Bitcoin ATMs.
ETH, SOL and LINK appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report CTSI, GRT and MATIC gained more than 14% in the last week as compared to BTC achieving -0.33% in the same time period.
Disclaimer: The opinions expressed in the report are for general informational purposes only and are not intended to
provide specific advice or recommendations for any individual or on any specific security or investment product.
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