OTC Weekly Trading Insights (03/29/2022): BTC ready to break above $30k?!
Binance Research Team
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- The market was off to a tough start this week as BTC took a slight tumble, down just over 7% since setting its 2023 high at $28,922. The narrative has shifted midweek as BTC bounced from its support identified in last weeks report.
- The Altcoin market has seen skewed performance over the past 7 days with some coins greatly outperforming the market and others struggling to keep up.
- $XRP outperformed the market this week, currently up over 21%. The coin has seen a major increase in buying volume as the long awaited SEC court case is expected to come to an end soon. Speculators remain optimistic, as they hope XRP will be successful.
- Following the recent airdrop of $ARB there was a lot of hype surrounding the coin, as it stands out of the 1.275bn coins airdropped over 86% of them have now been claimed. ARB is currently up over 10% in the last 24 hours as the market has bounced back.
- $STX has seen a huge turnaround as the coin is currently down -11.6% after seeing a sustained period of growth throughout the past couple of months.
- $XLM has seen increased price action over the past week as trading volume jumped over 10% on our Convert Portal. XLM remains above water with the coin currently up 9% over the past 7 days.
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Convert Portal Volume Breakdown
- With the market bouncing between support and resistance, crypto to stablecoin transaction remained strong this week, coming in with a value of 29.96% (-1.93%) as investors move to the sidelines.
- Stablecoin to crypto transactions placed 2nd, decreasing only 0.14%. The outlook to most speculators remains positive as they look to further capitalise on movements to the upside, in anticipation of a break above $30k.
- Crypto to crypto transactions increased this week by 1.77%, with the market bouncing from support, speculators rotate holdings back across the altcoin market looking to secure further gains.
Overall market technicals
- The chart remains relatively unchanged from last week as the market bounces between the newly formed range.
- The support zone we identified around $26,500 remains strong as BTC has tested it multiple times.
- Earlier this week BTC retested the support zone as it sold off following the opening bell on Monday, however quickly saw a strong move back to the upside during Wednesdays trading session.
- As it stands BTC remains rangebound, the bulls would need to see a clean break above the yearly high for a further upside chance to trade through to $30k.
- Alternatively, we may see BTC remain range bound if it fails to break above the highs, awaiting further confirmation gearing up for it next move.
- XRP is one of the top performing coins this month, leading the way for the altcoin market.
- After seeing a period of a sustained downtrend throughout February and early March, XRP successfully broke above the trendline earlier this month and rallied hard to the upside, currently up nearly 50% since the breakout.
- According to various platforms the bulk of this move comes from the anticipation of XRP soon winning their SEC court case, as speculators piled into positions further driving price.
- As expected with BTC finding support and bouncing, the rest of the market has followed with anticipation of prices to go higher.
Macro at a glance
The past week remains relatively quiet compared to previous weeks.
Last Thursday (03/23/23) the Bank Of England hikes interest rates by 25 bps to 4.25%, keeping the same pace the FED took the day before.
Monday (03/27/23) US regulators said that they will backstop a deal for First Citizens to acquire Silicon Valley Bank. First Citizens will assume Silicon Valley Bank's assets of $110 billion, deposits of $56 billion and loans of $72 billion as part of the deal. The market sentiment turned bearish as the market was expecting the Fed to step in and reverse the QT process.
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