Master’s hot topics:
On the unusual first day of April, there is a 24-day countdown to the Bitcoin halving. Ethereum spot ETF approval is in full swing. Let’s look back at the crypto market in March.
In the first ten days of March, Bitcoin hit a milestone and broke through the historical high of 69,000 US dollars, and then hit a new all-time high of 73,881.4 US dollars. In the second half of March, Bitcoin went through an ups and downs correction trend, falling as low as 60,767.5 before stabilizing and rebounding.
Now entering April, the second quarter of 2024, the market will be another month full of hope and ups and downs. First, the currencies in the halving sector will witness the market excitement at the halving moment.
BCH and BSV will be halved in early April. At this time, BCH and BSV are rising steadily. At the same time, we will also witness the four-year cycle of Bitcoin halving at the end of April.
Cryptocurrency investment products saw inflows of more than $1.31 billion last week, setting a new record. 97% of this went to Bitcoin, and almost all the rest went to Ethereum.
At the same time, it also shows that the overall institutional funds in the market are still mainly buying Bitcoin, so the market will be the first to start rising in the market outlook, and it is most likely that the market will be the first.
In addition, the number of Ethereum currency-holding addresses has also reached a record high, reaching 118,230, and the mid-term MVRV has shown a mild bullish signal. Yesterday, the Grayscale Ethereum trust address became active again after three months, transferring 6241 ETH to Coinbase Prime Custody address 0xf7E...B99a6, worth US$21.89 million.
Grayscale Ethereum Trust was established in March 2019 and submitted an application to the SEC last year to convert the Ethereum Trust into a spot ETF.
Master looks at the trend:
BTC: The market is still showing a bullish trend at the weekly level, and the daily level has begun to take small steps towards the long side. On the K-line, I think this week will be a clear opportunity for bulls to rush to the previous high, but it is difficult to determine how high it can reach.
According to the current rhythm, we should first look at the first target position in the 76,000-80,000 range. Of course, we also need to look at the current early new high position first. The intraday support level only needs to focus on the 69000-70000 range. In addition, the first resistance level above 72000 must wait until it is broken before we can see a new high near 74000.
ETH: ETH is still in a weak stage. Although it surged on Sunday, it was not strong enough. From a technical point of view, the current daily level shows a small bullish trend.
In addition, judging from the bullish trend on the weekly level, it means that the market will continue to strengthen. The current short-term resistance is still around 3800, and the effective support level is around 3500. You can pay attention to the support near 3560 during the day.
4.1 Shiye short-term prepaid order
BTC operation suggestions:
Empty target near 71000-71400 70300-70000
ETH operation suggestions:
3620-3650 nearby empty target 3550-3520
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