Have We Entered a Bull Season in Bitcoin?

What Data Awaits Us in the Market This Week?

Data announced last month

• U.S. markets will be closed on Monday due to Washington Day.

Bitcoin Market Cap Surpasses $1 Trillion

Bitcoin’s market cap has surpassed the $1 trillion mark, reaching a significant milestone. This achievement is considered a crucial step in the evolution of cryptocurrencies, highlighting Bitcoin’s increasing influence and acceptance in the global financial arena. Factors contributing to this success include growing institutional and individual interest, particularly with the approval of ETFs, as well as Bitcoin’s rising recognition as a store of value. The total cryptocurrency market cap has also continued its ascent, surpassing $2 trillion.

• The Dollar Index is hovering around 104.2 levels. We will closely monitor movements in the Dollar Index this week alongside data coming from the U.S. Especially, monitoring statements from figures like Barkin and Kashkari from the Federal Reserve on Friday at 01:00 Turkish time will provide insights into the market outlook.

FIL vs. SOL: Filecoin, a decentralized data storage market and crypto platform, announced its integration with Solana, a blockchain network with a vibrant token ecosystem.

In its announcement, Filecoin stated that the collaboration would enhance Solana’s network reliability and scalability by leveraging Filecoin’s infrastructure. The partnership, occurring shortly after Solana experienced a brief interruption, is seen as a significant step in the blockchain platform’s focus on further strengthening. Benefiting from Filecoin’s decentralized storage solutions not only makes Solana’s blockchain more accessible but also makes resources like indexers, explorers, and infrastructure providers easily accessible to the community.

BTC:

If we evaluate Bitcoin this week with the ITB analyses available on our EgeMoney website;

Here, we see that the percentage of investors who hold Bitcoin and have a price above their cost, meaning they are actually in profit, has reached 93%. Last week, this percentage was 80%, and now it’s approaching 100%, which is exciting for all of us. However, despite this, there were, of course, positions that were liquidated. Short positions accounted for 73.38% of these positions.

Additionally, we understand from this chart that there has been an increase in the volume of whales. Last week, transactions over $100,000 amounted to 93.74 billion, whereas this week, we see it at 115.11K. Signals also indicate that a correction may be on the horizon.

ETH:

In the short term, Ethereum appears neutral according to the Elliott Wave Theory, but we see a positive expectation for the medium and long term. Depending on our preferred timeframe from targets 1 and 2, we can use the ‘Take Profit’ level in trades we open.

"The investment information and comments contained in this research report do not constitute investment advice."

Gizem Günay

Araştırma Uzmanı at EgeMoney

Uzmanlık alanlarım arasında temel ve teknik analiz, portföy yönetimi, risk analizi ve pazar araştırması bulunmaktadır. Hızla değişen piyasa koşullarına uyum sağlama ve rapor üretme benim önceliklerim arasındadır. Finansal geleceğinizi şekillendirmek ve karar alma süreçlerinize değer katmak amacıyla araştırmalarımı EgeMoney platformu üzerinden sizlere sunuyorum.

• The Last Fed Decision of the Year
• New Record with Bitcoin at $106,000 During the FED Week
• Microsoft’s Bitcoin Decision and New Regulations
• Non-Farm Employment to be Announced Today