Cryptocurrency Weekly Report: 25 April 2024

Published on: Apr 25, 2024|3 min read

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London: 25 April 2024 (TraderMade): Welcome to this week's cryptocurrency market update! The cryptocurrency market has seen significant activity recently, with notable movements in Bitcoin and various top-performing and underperforming cryptocurrencies.

We'll break down the performance, volatility, and key trends for the major cryptocurrencies. Let's dive in!

Key Takeaways

Bitcoin and Ethereum showed signs of weakness, while USD remained stable this week.
ALGO/BTC and ALGO/USD led the gains with significant increases, while ICP/USD and ICP/BTC experienced the most significant losses.
High volatility was observed across major cryptocurrencies, with ALGO/USD and ALGO/BTC leading the volatility charts.
Bitcoin faced a decline, reaching a monthly low with notable increased volatility, attracting short-term traders. Key support is at 60,000, and resistance is at 65,000 and 70,000.
Altcoins showed a sell-skew as the week progressed, but interest is expected to pick up with the upcoming TOKEN2049 event in Dubai.

Market Analysis

Bitcoin

Bitcoin declined this week, reaching a monthly low. Despite this, volatility increased noticeably, attracting short-term traders.

Key Levels: 60,000 / 65,000 / 70,000 / 73,130 (ATH!)
Technical Analysis: Double bounce after a false break of the recent ascending trendline. Traders playing the breaks are getting chewed up on both sides of this range, while the market makers are enjoying some respite from the trends.
Catalysts: Hong Kong BTC and ETH ETFs were greenlighted, opening the door for mainland China to buy Bitcoin. Media sentiment around a post-halving rally could lead to a nice confluence of events.
Downside Risks: USD Advance GDP data will be available on Thursday. The market is looking for signs of stagflation.

Ethereum

Ethereum's drop below $3,000 signals wavering confidence. Support is at $2,800, and potential resistance is at $3,000.

Altcoins

Spot Desk Flows: There was a buy skew for BTC and ETH from private clients as BTC approached 60,500. With altcoins having high betas relative to Bitcoin, a definitive sell skew in altcoins was observed as the week went by.
Token 2049: Interest in altcoins is expected to pick up in the coming week due to the TOKEN2049 event in Dubai. TON rallied ~23% prior to the announcement that USDT would go live on the TON network.
Bitcoin Halving: As of writing, volatility has remained stable into the halving event, but all eyes are on the coming days and weeks as the effects on its supply start taking shape in the market.

Derivatives Desk

BTC's Basis Rate: Sitting at the lows despite the rally in spot price over the weekend. The 30-day basis rate for BTC is 9.3% p.a.
Trade Idea: Bull-call spreads with 80k/120k in the September expiry – costing roughly 11% or USD 7,500.

Week in Review

# Bitcoin's 4th Halving: Rewards drop to 3.125 BTC/block.
Hong Kong greenlights 1st Bitcoin & Ether ETFs 🇭🇰.
Whales buy $1.2B in BTC as the price dips below $60k.
UK plans comprehensive crypto regulations by July 🇬🇧.
Mango Market's hacker convicted of $110M fraud in landmark US case.

Conclusion

This week, the crypto market has been marked by volatility and mixed performance across major cryptocurrencies. While Bitcoin and Ethereum faced challenges, altcoins like ALGO showed resilience and strength. With significant events like the Bitcoin halving and TOKEN2049 shaping the market, the coming days and weeks promise to be interesting.