GBTC Selling Likely to Slow, SOL Nearing Key Support Level

Jan 22, 2024
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

Unlock this page with a FREE 30-Day Trial!

*Free trial available only on a monthly plan

Reports you may have missed

CRYPTO MARKET UPDATE CRYPTO ASSETS ARE BROADLY MOVING HIGHER AGAIN AFTER SOME POST-ETF APPROVAL CONSOLIDATION. BTC 1.47% is back above $68K, while ETH 1.35% is hovering around the $3.7K level. SOL 4.67% is underperforming today, possibly as a side effect of the last of the FTX auction taking place yesterday. Pantera and Figure led the $2.6 billion auction, purchasing the locked tokens at $102 per SOL 4.67% . We often find that the market can...

CRYPTO MARKET UPDATEBTC 1.47% IS BACK IN THE GREEN TODAY, RECLAIMING $70K FOLLOWING YESTERDAY'S DIP. ETF flows appear to be returning in full force, with another strong day of inflows, capping the largest 5-day period for inflows since mid-March. ETH 1.35% is down slightly on the day, consolidating around $3750 as investors await word from the SEC on ETF approval. ETH CME futures saw outsized volume yesterday as institutional investors showed interest...

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 1 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In