
Crypto market takes a breather as Ukraine’s Twitter announces airdrop
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The cryptocurrency markets were undecided after the prices of BTC were unable to produce a daily close above the USD 7200 levels over the weekend. The leading crypto has not closed above such levels since March 11. However, the support in the USD 7000 area seems to remain solid.
In our past publication <OKX Technical Weekly: April 14 2020,>, we have highlighted that the resistances at USD 7200 remained significant, and the neckline of the previous head and shoulders remained in focus this week.
While traders and investors have been looking for directions ahead of the highly anticipated bitcoin reward halving event, which is expected to happen in Mid-May, new data shows that volatility of BTC prices is set to increase drastically. This volatility increase could occur within a short period.
A survey from Sentix shows that the Bitcoin Super Neutrality Index reached a 26-week high. Patrick Hussy, Managing Director at Sentix, explained that some big BTC price actions occurred after the last time BSNI hit a new high, which moved BTC prices by USD2500, and this could be the case for the current market. However, Hussy added that the direction of the movement could not be determined with such data.
Figure 1: Sentix Bitcoin Super Neutrality Index
Figure 2: Bitcoin Futures COT Summary
Meanwhile, institutional investors seem to have taken a more proactive approach in the BTC market, as the crypto community counting down for the halving event. Data from CME shows that the open interest of futures has been increasing. However, asset managers and leveraged accounts seem to have a spread view. Asset managers have increased their short positions, while leveraged names have closed some of their shorts.
BTCUSDT – Big moves anticipating?
Figure 3: BTCUSDT Daily Chart
XRPUSD – Breakout in the making?
Figure 4: XRPUSD Daily Chart
ETHUSDT – Bull needs a break?
Figure 5: ETHUSDT Daily Chart
ZECUSDT – Rally is getting tired?
Figure 6: ZECUSDT Daily Chart
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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
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