$BTC 24 Hour High $51,740
$BTC 24 Hour Low $49,211
$ETH 24 Hour High $1748
$ETH 24 Hour Low $1636
Happy Monday from HKbitEX!
Markets are back on a positive track this week after last weeks correction. Though it has not resumed its previous bull rally we have seen some healthy momentum especially following the announcement of the $1.9T stimulus bill approved by the US Senate.
From a traditional adoption point of view, we have new funds incoming from HK listed treasuries, this is something new altogether. Along with some friendly signals coming from Goldman Sachs, JP Morgan and other financial institutions, we are fairly confident to expect more ATH on the way.
The $BTC and $ETH market
$BTC has been up by around 10% during the week. The market has made a few attempts to overcome the $52,300 resistance barrier (bearish .618 Fib) however we have seen a quick retracement once the price hit those levels with the market pulling back to around $48K. Institutional demand seems to be marking resistance range at around $47K – $48K as we spot massive outflows from Coinbase at that price point.
With the $1.9T stimulus bill being approved by the US Senate last week, markets are expecting a much stronger push which should allow $BTC to trade solidly above $50K, that being the fundamental price point for the next bull run. At the time of writing, $BTC is now trading at $50,622 with $52,300 as its next major resistance level and $48,500 as its next key support level.
$ETH telling a similar story to $BTC, up by around 20% last week. After a couple of failed attempts in reclaiming $1700 before the weekend, $ETH found its support around $1450 and traded mostly between $1450 and $1650. The $ETH market finally gains momentum during the weekend, on one hand we have the confirmation of EIP-1559 being included into the London Fork, on the other hand we have the $1.9T stimulus bill being approved, pushing the market above $1700. At the time of writing, $ETH is now trading at $1723, whether it can close the daily candle above $1700 remains a very critical level for its ongoing momentum, if can stand above this level, we will see $1770 as its next major resistance level and $1588 as the major support level if failed to do so.
According to Reuters, Goldman Sachs is going to reignite its bitcoin trading desk operation in Mid-March, where the plan was first initiated back to 2018. It was also reported that the desk would not be trading bitcoin itself but be trading into linked derivatives, and would in the meantime be offering custodian services through partnering with a third party custody provider.
MicroStrategy (MSTR:NASDAQ) announced last Friday that the company has bought another $10 million worth of $BTC, at an average price of about $48,888, which increases its $BTC holdings to a total of around 91,064, with an average price of about $24,119. The MSTR stock price closed at $620.24 last Friday, representing a decline of 51.2% from the February 9 trading high.
In an announcement made on March 7, Meitu (01357.HK), a HK listed Chinese photo retouching app mentioned that it has purchased $40 million worth-of $BTC and $ETH (i.e. 15,000 $ETH and 379.1214267 $BTC). According to the company’s voluntary announcement, “these purchases were made pursuant to a cryptocurrency investment plan previously approved by the board of directors of the Company, under which the Group may make a net purchase of up to US$100 million worth of cryptocurrencies, financed by its existing cash reserves other than any remaining proceeds from the Company’s initial public offering.”
DeFi wise, following the market recovery, $TVL increases to around $39.1B at the time of writing. For the other pairs, Yearn Finance ($YFI) records a 28% growth, Aave ($AAVE) at +12%, Compound ($COMP) at +16%, Uniswap ($UNI) at +55%, Polkadat ($DOT) at +6% and Chainlink ($LINK) at +17%, just to name a few.