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Analysis

Price Analysis 24/01: BTC, ETH, and ALT COINS

Author

Jay Solano

Tags

Reading time

4 mins
Last update

Author

Jay Solano

Tags

Reading time

4 mins
Last update

Author

Jay Solano

Tags

Reading time

4 mins
Last update

btc

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Greetings to the crypto enthusiasts! The market kicked off the week on a bearish note as Grayscale remained active, transferring BTC to Coinbase, fueling speculation of impending selling. Notably, GBTC holders are shifting towards the new BTC ETFs due to improved fees, integrity, and overall structural advantages over GBTC. Grayscale recently made a significant move by depositing 79,213 BTC (equivalent to $3.27 billion) into Coinbase Prime following the approval of the ETF. As per Arkham’s data, Grayscale presently boasts a total holding of 535,755 BTC, valuing at $20.68 billion.

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Bitcoin Market Analysis

Bitcoin faced a downturn, dropping to $38,615 from its previous level of $42,300. Grayscale’s ongoing speculative selling and BTC deposits to Coinbase are intensifying selling pressure, along with concerns raised by Cobie about GBTC, adding complexity to the situation.

Hyblock’s liquidation data reveals a rise in short positions and significant short liquidations of up to $42,000. The Bitcoin Heatmap from Hyblock shows numerous bids below the current price, with thin asks above it.

Despite challenges, Bitcoin is striving to reclaim the $40,200 support, testing its resilience. The continuous BTC deposits by Grayscale are raising speculative concerns, influencing market sentiment. In the pursuit of stability, close attention to key support levels is vital. Bitcoin’s attempt to regain $40,200 amid volatility is a positive signal, with $44,500 indicating potential reversions. Conversely, the $39,000 level, supported by both fundamental and technical factors, remains crucial if the downturn persists.

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Ethereum Market Analysis

In the recent market scenario, Ethereum witnessed a substantial downturn, plummeting to $2,185. The current status places ETH at a crucial daily support level, and the outcome here holds significant weight. A failure to rebound may trigger further declines, potentially testing the next support at around $1,930. On the flip side, a successful bounce could set the stage for an optimistic rally, driving Ethereum to achieve new yearly highs.

Hyblock data highlights Ethereum’s heavy shorting activity, accompanied by substantial short liquidations as the price makes even small upward movements. The prevalence of shorts suggests the potential for a short squeeze, given the crowded nature of the Ethereum short side.

This pivotal moment is intertwined with the performance of ETHBTC, which is signaling another bottom. The dynamics between ETH and BTC play a crucial role in defining Ethereum’s resilience within the broader market. Despite the challenging market conditions, Ethereum’s rapid rebound from its recent low underscores its potential for positive momentum. Traders and investors should keep a close eye on the current support level at $2,185, recognizing its significance in shaping Ethereum’s near-term trajectory.

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Altcoin Watchlist

WIF

WIF, a cryptocurrency project that recently gained significant attention, owes much of its popularity to its meme-worthy nature and robust promotion by Crypto Twitter influencer Ansem. The effective marketing strategy and price surges led both centralized and decentralized exchanges to list it on spot and perpetual futures. In just a few days post-listing, WIF experienced a remarkable 500% surge, fueled by crypto influencers, enthusiasts, and market makers jumping onto the memecoin bandwagon. Currently, it rests on a crucial support level, attracting interest from influential figures like Andrew Kang, who has taken both on-chain and centralized exchange long positions. This move propelled the price up by over 50% from the support, and if the current volume and trend persist, there’s potential for a new all-time high.

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ONDO

$ONDO, the highly anticipated Real-World Asset (RWA) project, made a significant impact by successfully tokenizing BlackRock ETFs in compliance, launching with a $1 billion valuation. Despite this, the circulating supply is a modest 14%, subject to a 12-month lock-in, resulting in a reasonable $140 million market cap. A unique 12% earmarked for “ecosystem growth” narrows the liquid circulating supply to 2%, valued at $20 million, adding complexity to its market perception. Peaked at 0.315$, $ONDO has seen more than 300% increase from its $0.09 launch. Recent developments include a forthcoming centralized exchange listing on Coinbase, a technical support at $0.235, and optimistic holders. Promotional efforts and a surge in Bybit launchpad deposits, from 825% APR to 115%, signify increasing interest and shape $ONDO’s trajectory in crypto.

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SUI

In the recent upswing, SUI has shown notable strength, maintaining half the value of APTOS while exhibiting superior performance. Market sentiment suggests that SUI might be undervalued and poised to surpass its primary competitor, APTOS. Despite a relatively subdued ecosystem development, recent enthusiasm and positive price movements have motivated developers to prefer SUI for its user-friendly features and overall superiority. Positioned at a technical support level, SUI is on the verge of a potential breakout, forming a cup and handle pattern. If this breakout materializes, there’s a prospect of upward momentum, potentially reaching all-time highs and closing the gap with its competitors.

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BLUR

BLUR is asserting its presence as a prominent NFT marketplace and NFTI protocol, gaining attention with upcoming product releases and the eagerly anticipated BLAST protocol from its sister project. The buzz around these developments has stirred increased interest in BLUR, with figures like Andrew Kang giving their endorsement on platforms like X.

On the technical side, BLUR has shown strength by holding steady on its support levels. Despite a significant drop in a 4-hour candle triggered by BTC’s recent decline, BLUR demonstrated a resilient bounce on its support, signaling a notable surge in demand for BLUR tokens.

A notable highlight is yesterday’s achievement of the highest daily volume in three months for the BLUR protocol. This uptick in trading activity adds significant weight to BLUR’s potential standing in the NFT space.

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