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GBTC Selling Likely to Slow, SOL Nearing Key Support Level

Jan 22, 2024
Author
Sean Farrell
Sean Farrell AC
Market Update Equities are advancing again after reaching new all-time highs last week, buoyed by a pullback in interest rates. Despite this positive trend in equities, gold prices have dipped, and the broader crypto market, including $BTC, continues to face downward pressure. BTC is steadfastly maintaining the $40,000 level as its support, while $ETH has retraced its recent rally to $2,700, now trading at $2,350. This retreat is mirrored in the broader altcoin market, which is also trending downward, exemplified by $SOL retesting the $86 mark (more technical commentary on this below). Interestingly, crypto equities like COIN, MARA, and RIOT are outperforming BTC, each up by approximately 1%, seemingly benefiting from today's rate move. The week ahead is packed with key macro events. The BOJ's interest rate decision, which is unlikely to surprise but could bring new insights on stimulus and any changes to yield curve control, the ECB's rate decision, expected to hold rates but possibly provide guidance on future cuts, and U.S. GDP growth figures, where any significant deviation could trigger rate volatility. Additionally, Friday will see the release of the Core PCE index, the Fed's favored inflation measure, forecasted at 0.2%.Over the past two weeks, BTC has been challenged by

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