bitcoin
In a week, the first cryptocurrency added more than 10%. Due to this, it was possible to overcome the milestone of $30,000.
Of the seven daily sessions, six turned out to be positive. Only on Wednesday, April 12, Bitcoin fell by 1.13%. The most successful was Monday, April 10, when BTC rose by 4.63% at once.
Several factors contributed to the positive dynamics of bitcoin. One of them was the ongoing liquidation of short positions.
In a week they were closed for an amount exceeding $ 170 million. At the same time, long positions were closed for less than $60 million, which is almost three times less.
It is not hard to guess that most investors are bullish.
The growth of most cryptocurrencies, and bitcoin in particular, was facilitated by the decision of the US Federal Reserve on rates.
To be more precise, it was not so much the decision that influenced as much as the rhetoric of the leadership of the American central bank, which in general terms described the possibility of a further increase.
The founder of Galaxy Digital, Michael Novogratz, agrees with this position, who believes that easing by the regulator can push the price of bitcoin up to $40,000.
Optimism for crypto enthusiasts is added by the fact that, in general, securities of representatives of the technology sector are growing..
Since the start of 2023, the NASDAQ is up over 16% and the Dow Jones is up just over 2.5%.
In terms of technical analysis, Bitcoin continues to be in an uptrend.. In the week of April 7-14, the previous resistance level of $29,380 was overcome, which has now become a support level.. The new resistance level is $32,376.
The index of fear and greed continues to grow along with bitcoin. Compared to the values of a week ago, it has grown by four points and stands at 68. This indicates the prevalence of greed among investors in BTC.
Ethereum
The price of ether has risen by 10% in the past seven days.. The world’s second-largest cryptocurrency in terms of capitalization was able to overcome not only the barrier of $2,000, but also $2,100.
On the evening of Friday, April 14th, the value of ETH is $2,108.2.
The main event of the week was the long-awaited update Shapella. After its completion, the withdrawal of cryptocurrency from staking became available.
Unlike the expectations of a number of market experts who believed that the rate could collapse (for example, Galaxy Digital), Ethereum, on the contrary, grew. Moreover, the growth on April 13 continued on April 14.
In addition, the positive dynamics of Ethereum is clearly associated with the active mention of cryptocurrency in social networks..
In recent days, there has been a serious surge in mentioning the brainchild of Vitilik Buterin. The number was the largest since mid-September 2022, when the transition to Proof-of-Stake (PoS) was made.
Ethereum has grown in price by almost 60% since March 10 without any visible pullbacks. Sooner or later, a correction will begin, but at the moment there are no prerequisites for unrest.
They will appear if the price drops below the support level around $2,030. The nearest resistance level will be $2,160, the low of January 2022, after which the coin has been growing for more than two months.
Solana
The cost of the SOL token from April 7 to April 14 increased by almost 22%. At the maximum, the price reached $26.
The last six days – from April 9 to April 14 – the cryptocurrency has been exceptionally growing. The most successful day of the week was Tuesday, April 11, when SOL rose by 9.71% at once.
One of the main reasons, like with Bitcoin, was the prevalence of liquidation of short positions..
During the week, shorts were closed by almost $0.5 billion, which is 2.75 times more than the same indicator for BTC.
At the same time, the number of liquidations of long positions was 2.2 times less and amounted to about $214.2 million.
Another factor that drew attention to Solana this week was the April 13th launch of its own Saga smartphone. The smartphone will run on the Android operating system..
For the first time, information about a smartphone from Solana appeared back in June 2022, it will be available for purchase soon, the creators promise, starting from May 8, 2023. The expected cost is about $1,000.
From a technical analysis point of view, the price of Solana is in an uptrend. This is evidenced by the fact that SOL is trading above the 50-day moving average (marked in blue).
The previous local high of $23.94 is now a support level, and the resistance level is a high of 2023 around $27.05.
In other words, the crypto market is doing well and continues to grow.. The fears of a number of experts who were wary of the collapse of the ether after the Shapella update did not materialize.