Macro Overview
- US Unemployment Claims: Came in as per the expectation which is neutral for the crypto market
Crypto Markets Overview
Top Tokens Update
- CME Group Set to Launch XRP Futures: CME Group, operator of the largest U.S. derivatives exchange, plans to launch XRP futures next month, pending CFTC approval. This will be CME’s fourth crypto futures offering after BTC, ETH, and SOL. The move signals growing institutional momentum for XRP and builds further expectations around potential spot ETF approvals.
- Bitwise Files for NEAR ETF: Bitwise Asset Management has filed for a “Bitwise NEAR ETF” in Delaware, taking the first step toward offering a fund tracking NEAR Protocol. Bitwise has previously filed for Dogecoin and Aptos ETFs as well. If approved, this could further open up NEAR to broader investor access, especially as the SEC appears more crypto-friendly under the current administration.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Apr-29 | 7:30 PM | US Job Openings | Actual’ less than ‘Forecast’ is good for crypto |
| Apr-30 | 6:00 PM | US Advance GDP q/q | Actual’ less than ‘Forecast’ is good for crypto |
| Apr-30 | 7:30 PM | US Core PCE Price Index m/m | Actual’ less than ‘Forecast’ is good for crypto |
| May-2 | 6:00 PM | US Unemployment Rate | Actual’ greater than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bullish.
- BTC has maintained its position above $92K, which is a strong sign of ongoing strength. The overall trend remains bullish, supported by positive market sentiment. While minor pullbacks for CME gap fillings are possible, the high time frame (HTF) trend continues to look bullish.
- Key support levels to consider are around $92,000 and $85,000 On the upside, resistance level is at $99,000 and $105,000.
- 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 endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Bullish.
- ETH is looking strong as it has reclaimed above the 20 EMA on the daily timeframe, aligning with the overall bullish market sentiment. While a small short-term pullback is possible, it would be healthy within the broader uptrend. This move could mark a local bottom, and we expect a solid uptrend to follow from here.
- Significant support levels include $1685 and $1535, while resistance levels to watch are at $1907 and $2075.
- 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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