Macro Overview
- US Final GDP Q/Q: Came in at 2.4% vs. the forecasted 2.3%, which is negative for the market.
- US Core PCE Price Index M/M: Came in at 0.4%, higher than the expected 0.3%, which is bearish for the market.
Crypto Markets Overview
Top Tokens Update
- Fidelity Joins Spot Solana ETF Race in the U.S. : Fidelity has entered the competition for a spot Solana ETF, becoming the largest asset manager to do so. The firm’s filing follows recent moves by competitors like Franklin Templeton, Grayscale, Canary Capital, and VanEck. While Fidelity previously secured approval for Bitcoin and Ethereum ETFs, this marks its latest push into crypto investment products.
- SEC Ends Investigation Into Web3 Gaming Giant Immutable : The U.S. SEC has unexpectedly dropped its investigation into Immutable, a major Web3 gaming platform, marking a significant moment for the crypto industry. The decision led to a surge in Immutable’s native token, IMX, and hints at a possible shift in regulatory strategy. Insiders suggest the SEC may be moving away from its enforcement-driven approach under former Chair Gary Gensler, with Acting Chair Mark Uyeda focusing on a more collaborative regulatory framework.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Apr-1 | 7:30 PM | US JOLTS Job Openings | Actual’ less than ‘Forecast’ is good for crypto |
| Apr-4 | 6:00 PM | US Unemployment Rate | Actual’ greater than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bearish.
- Bitcoin continued to remain choppy this week and still looks bearish based on technicals and broader sentiment. The trend will be bearish until BTC reclaims above $92K
- Key regions to watch out for big moves – $69K-$70K region (major support), while resistance stands at $91K-$92K.
- For short term, Key support levels to consider are around $76,800 and $73,000 On the upside, resistance level is at $88,500 and $92,000.
- 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 Bearish.
- ETH has remained in consolidation this week, but price action now looks bearish. With ETH/BTC losing a key level and the broader market sentiment negative, a continuation of the decline toward lower support levels is likely. Significant support levels include $1730 and $1544, while resistance levels to watch are at $2078 and $2385.
- 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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