Macro Overview
- US CPI Y/Y: Came in higher than expected, which is bearish for the market. However, after an initial drop post-announcement, the market quickly retraced, indicating resilience.
- US PPI Y/Y: Came in higher than expected, which is slightly bearish, but the market didn’t react much implying bullishness.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a 2.06% rise, bringing the total market capitalization to $3.16 trillion. Notably, BTC saw a rise of 0.20% and ETH saw a rise of 1.04%. Bitcoin’s dominance stands at 60.67%, while Ethereum’s holds at 10.25%.
- GameStop Considers Bitcoin Investment : GameStop is reportedly exploring Bitcoin investment, driving stock gains amid speculation it may follow MicroStrategy’s approach. CEO Ryan Cohen’s photo with Michael Saylor has fueled rumors. After its failed NFT marketplace, a Bitcoin shift could mark a new strategic direction for the company.
- Michigan Proposes Bitcoin Reserve Bill: Michigan has become the 20th US state to introduce a crypto reserve bill, aiming to establish a strategic Bitcoin reserve under HB 4087. This move highlights growing state-level interest in Bitcoin as part of financial planning.
Top Tokens Update
- World Liberty Partners with Ondo Finance for Tokenized RWA Adoption : Trump-backed World Liberty Financial is exploring Ondo’s tokenized assets as treasury reserves, aiming to expand real-world asset (RWA) adoption. This follows Ondo’s recent growth, including onchain stock and bond offerings and a new Layer 1 blockchain.
- Pi Token Gains Exchange Listings Ahead of Launch : With Pi Network set to enter its Open Network phase, multiple exchanges have announced support for the Pi token. As listings grow, market interest in Pi is increasing ahead of its official launch.
- ADA Outperforms Bitcoin as Grayscale Files for First US Cardano ETF : Grayscale has filed with the SEC to launch a Cardano (ADA) ETF, marking a step toward mainstream adoption. If approved, it would expand Grayscale’s crypto ETF offerings and provide easier investor access to ADA.
- PancakeSwap’s CAKE Surges Amid Strong Staking Rewards & Protocol Upgrades : CAKE’s price jumped significantly as PancakeSwap’s revenue-sharing program distributed over 770,000 CAKE to stakers, tightening supply and driving demand. Meanwhile, protocol improvements, including enhanced cross-chain swaps, continue to attract liquidity providers, strengthening its DEX ecosystem.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Feb-20 | 12:30 AM | US FOMC Meeting Minutes | More dovish than expected is good for crypto |
| Feb-20 | 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.
- BTC remained choppy this week but held firm despite negative macro data, signaling strength. While LTF remains volatile, HTF structure is bullish, indicating a potential breakout in the coming week.
- Key support levels to consider are around $95,000 and $92,000 On the upside, resistance level is at $101,700 and $106,000.
- 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.
- Ethereum has outperformed BTC this week and looks strong, supported by ETH/BTC at key support, declining BTC dominance (BTC.D), and strong inflows. With upcoming Pectra upgrade and other developments, ETH could see further upside in the coming week.
- Significant support levels include $2550 and $2350, while resistance levels to watch are at $2825 and $3150.
- 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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