Macro Overview
- US CPI (Consumer Price Index) YoY: US CPI (yearly) came out at 3.1%, higher than the expected 2.0%. This news had a negative impact on the crypto market, causing it to initially drop. However, the market later recovered.
- US Unemployment Claims (Weekly): US Unemployment claims came out at 212k, lower than the expected 219k. This news is slightly negative for the crypto market due to the inverse relationship between unemployment claims and crypto.
Crypto Markets Overview
Top Tokens Update
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Feb 22 | 12:30 AM | US FOMC Meeting Minutes | More dovish than expected is good for crypto |
| Feb 22 | 7:00 PM | US Unemployment Claims (Weekly) | Actual’ greater than ‘Forecast’ is good for crypto |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is neutral to bullish.
- This week, BTC demonstrated robust bullish momentum, surging to a new yearly high at $52,000. Presently, it’s consolidating around this level, and if it successfully breaks out from this consolidation, it might see a substantial rally towards $60,000. Technically, the outlook remains positive, with support from the 20EMA D, and positive ETF inflows further reinforce this optimistic sentiment.
- Key support levels to consider are around $48,700, $47,850 and $47,150. On the upside, resistance levels include $57,500 and $59,200.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavors.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears neutral to bullish.
- This week, ETH has outpaced BTC, demonstrating strong bullish momentum and currently finding robust support at the 20 EMA D. It’s consolidating, poised for potential further gains upon breaking this consolidation. Additionally, the strength of the ETH/BTC pair is a positive indicator for Ethereum.
- Significant support levels include $2690, $2600, and $2535, while resistance levels to watch are at $2900 and $3300.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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