Walking up the mountain gets you farther than running
Key Takeaways
- Bitcoin continues to march higher, eclipsing another key milestone and trading above the 200-day SMA. Ethereum is also higher on the week but has met resistance at $3,300. Attention turns to the 50-day SMA.
- Bitcoin’s recent price run has not been as “hot” as its gains would suggest.
- Price action has been largely supply-driven and recent movement of coins onto exchanges could present short-term risk.
- Crypto and meme stocks are on the move this week, presenting an early sign of a risk-on macro environment.
- Our team has observed an interesting weekly trading pattern that has appeared over the past three weekly trading cycles, that features mid-week selling and price increases into the weekend.
- Bottom Line: The market fundamentals remain consistent, and we continue to buy $BTC and $ETH into any near-term weakness.
- Emerging Trends: The Metaverse is gaining widespread adoption with corporates like Visa purchasing NFT avatars. We expect future NFT avatars to do an increasingly better job expressing their owners in the Metaverse.
Weekly Market Recap
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