BitcoinLong
Feb.27-Mar.4(BTC)Weekly market recap
BTC and ETH continue to perform strongly, with BTC coming close to reaching ATH last week. However, most tokens on the market continue to fluctuate, and only meme coins follow the pace of BTC. We noticed that during last week's rise, although BTC and ETH both experienced significant increases, tokens with derivative properties of BTC and ETH, such as ORDI, RATS, OP, and ARB, performed generally during this cycle. We believe that this situation may be caused by the short-term supply and demand relationship surpassing value investment. Recently, the increase in staking points projects such as Merlin, Babylon, and Eigenlayer is likely to increase the short-term demand of BTC and ETH.
BTC continues to move closer to an all-time-high after quickly breaking through the given resistance. Over the last week, the length and volume of the green candles have grown significantly, with almost no noticeable pullback at the daily level.
After BTC broke through 52000, we saw the emergence of whales. During the rise, blue columns appeared in groups on the WTA indicator, supporting BTC to 62000. Although it subsequently decreased, no destructive candles appeared. The ME indicator continues to maintain its bullish trend.
At the 4h level, we can see that the blue bars representing whales appear on almost every rise. This is good. The ME indicator also maintains a bullish trend at this level.
To sum up, we believe that BTC’s bullish trend is not over. Therefore, we raise the resistance level to 69000 and the support level to 60000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
BTC continues to move closer to an all-time-high after quickly breaking through the given resistance. Over the last week, the length and volume of the green candles have grown significantly, with almost no noticeable pullback at the daily level.
After BTC broke through 52000, we saw the emergence of whales. During the rise, blue columns appeared in groups on the WTA indicator, supporting BTC to 62000. Although it subsequently decreased, no destructive candles appeared. The ME indicator continues to maintain its bullish trend.
At the 4h level, we can see that the blue bars representing whales appear on almost every rise. This is good. The ME indicator also maintains a bullish trend at this level.
To sum up, we believe that BTC’s bullish trend is not over. Therefore, we raise the resistance level to 69000 and the support level to 60000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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