Macro Overview
- US JOLTS Job Openings: Came in higher than expected, which is bearish for the crypto market. The market witnessed a decline post-announcement, though this may not be the sole factor contributing to the fall.
- US Unemployment Claims (Weekly): Came in below expectations, resulting in a bearish impact on the crypto market.
- US Unemployment Rate: Came in lower than expected, slightly bearish for the market. The market experienced a quick fall immediately after the release today.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a -4.07% fall, bringing the total market capitalization to $3.24 trillion. Notably, BTC saw a fall of -3.22% and ETH saw a fall of -6.91%. Bitcoin’s dominance stands at 58.09%, while Ethereum’s holds at 12.30%.
- DOJ to Liquidate 69,000 Seized Silk Road Coins: The U.S. Department of Justice (DoJ) received court approval to liquidate 69,370 Bitcoin seized from the Silk Road marketplace. Concerns over the timing before Trump’s inauguration and potential political motivations have further rattled market confidence.
Top Tokens Update
- Filecoin (FIL) Surges 12% After Bithumb Listing: Filecoin (FIL) rose 12%, driven by market excitement following its listing on South Korea’s top exchange, Bithumb. The surge highlights increasing investor demand, with FIL futures open interest also jumping over 20%.
- Jupiter Exchange to Airdrop 700M JUP Tokens in January: Solana-based Jupiter Exchange plans to distribute 700 million JUP tokens in January. The airdrop aims to reward active users, improve liquidity, and boost engagement ahead of the Catstanbul event on January 25. This initiative is expected to attract new users and enhance the platform’s decentralized network.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Jan-14 | 7:00 PM | US Core PPI m/m | Actual’ less than ‘Forecast’ is good for crypto |
| Jan-15 | 7:00 PM | US CPI y/y | Actual’ less than ‘Forecast’ is good for crypto |
| Jan-16 | 7:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bullish.
- Last week, markets saw a sharp decline due to Elon Musk’s bearish tweet, the DOJ’s announcement of selling BTC, and unfavorable macro data. Bitcoin has now cleared liquidity below and appears stable. It is expected to move upward toward the range high. LTF shows bullish signs, while HTF suggests the start of a sideways consolidation phase.
- Key support levels to consider are around $92,000 and $85,000. On the upside, resistance level is at $99,300 and $102,650.
- 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 Neutral to Bullish.
- ETH significantly underperformed BTC during the recent market drop, reflecting overall weakness. However, it has bounced from a key support level and shows bullish momentum in LTF. If the market continues to recover, ETH could regain strength. On the HTF, ETH’s direction remains uncertain, signaling caution for broader moves.
- Significant support levels include $3200 and $3070, while resistance levels to watch are at $3500 and $3700.
- 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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