Good week everyone, dear Coinkolik family!
With less than ten days left until the week when the Federal Reserve (Fed) will announce its interest rate decision, the eyes of the markets will be on the US side and also on Core Personal Consumption expenditures (PCE), the Fed’s favorite inflation indicator. A data that will come above the expectation may be negatively received in the markets.
At the same time, the first quarter balance sheets of giant companies such as Microsoft, Meta and Amazon, which have a 35 percent place in the S&P 500 this week, will be announced and we will be able to see if there is a possible recession signal.
Bitcoin price, on the other hand, has fallen by about 10% in recent days and hit $27,200. This decline can be seen as a corrective action, but if we go into detail, first of all, the markets started to price a change in the Fed’s interest rate expectation. In other words, while the markets thought that the Fed’s tightening policy would come to an end with an increase of 25 basis points at the May meeting, it started to price a 25 basis point increase in interest rates in June.
We can see miners as another reason for Bitcoin sales. According to Cryptoquant data, “There appears to be an increase in the MPI index indicating an increase in conversion by Bitcoin miners. There is also an increase in the miner exit index and the sales index of miners and a decrease in miner reserve. All of this shows the selling pressure from miners over the past few days. It is worth noting that the mining cost reached $27,200, which is close to the current price.”
Economic Calendar
Tuesday, April 25, 2023
- Microsoft – Q1 earnings report to be released – 11:00 PM
Wednesday, April 26, 2023
- Meta – Q1 earnings report to be released – 11:00 PM
Thursday, April 27, 2023
- USA – Gross Domestic Product (GDP) (Quarterly) Expectation: 2% Previous: 2.6% – 15.30%
- USA – Applications for Unemployment Benefit Expectation: 250k Previous: 245k – 15.30
- Amazon – Q1 earnings report to be announced – 11 pm
Friday, April 28, 2023
- USA – Core Personal Consumption Expenses (MoM) (March): Expected: 0.3% Previous: 0.3% – 15.30
- USA – Core Personal Consumption Expenses (YoY) (March): Expected: 4.5% Previous: 4.6% – 15.30%
Bitcoin Technical Analysis
Last week, we saw pullbacks in the crypto money markets due to the reasons I explained at the beginning of the article, and Bitcoin declined to $ 27,200. On the daily chart, Bitcoin reacts from the red box area I have determined and moves towards the area I marked with the Key Zone below. A candle closing by breaking this area will perform a “Market Structure Break” on the 4-hour chart and may carry the price to the $24,000-$25,200 levels, which I first determined with the black box. It is worth remembering that for a new upward wave, voluminous candle closings above the $32,000 levels should come.
Bitcoin: Miner Reserve – All Miners
Graphic Description:
You can see the amount of assets miners hold in their wallets in the chart above. This value indicates the reserve that miners have not yet sold. When miners start selling, this can cause prices to drop. We can see that miner sales played a major role in the recent decline.
Top Rising Cryptocurrencies Past
- Radix (XRD) 30.8%
- Zilliqa (ZIL) 7.0%
- BitTorrent (BTT) 5.3%
- LEO Token (LEO) 3.2%
- Render (RNDR) 3.1%
Last Week’s Featured Crypto News
How Tesla’s First Quarter Report Impacted Crypto Tesla, the company of Elon Musk, which the crypto world follows with great interest, has announced its first quarter report. The main issue concerning the crypto industry was whether Tesla sold Bitcoin (BTC) in the first quarter. The data in the report shows that Tesla did not sell BTC in the first quarter. Stating that he has 184 million dollars worth of BTC in the last quarter of last year, Tesla continues his BTC accumulation in the same way.
European Parliament Votes MiCA: MiCA, which we will describe as the EU’s crypto regulations, is basically aimed at protecting consumers. On the other hand, preventing market manipulation, monitoring energy use, preventing crimes and providing transparency will also be provided within the limits drawn by MiCA.
The first rules regarding crypto regulations in the European Union became clear with MiCA. MiCA, which received 517 votes in the parliament, will enter into force in the next 2 years. MiCA will require companies that offer crypto-related services in the EU to be registered in one of the EU member states. In this way, companies will be able to operate in all EU countries. The European Banking Authority and the European Securities and Markets Authority will be the parties responsible for ensuring that crypto platforms comply with the rules.
Elon Musk Declares War on Microsoft: It’s Lawsuit Time! Stunning social media posts from Tesla and Twitter owner Elon Musk continue. Musk claimed that Microsoft collects information from various platforms in order to train artificial intelligence systems and sell them to other platforms. The owner of Tesla and Twitter continued their statements, after Microsoft announced that some of its services will not support Twitter from April 25, Musk commented on this post as “time to sue”.
A Wallet from the Satoshi Era Becomes Active After 10 Years According to data from Lookonchain, the baline holding 1,128 Bitcoins became active again and transferred 279 Bitcoins worth $7.8 million to internal different wallets. The Bitcoin whale bought 1,128 BTC in its holdings between October 2012 and May 2013 when prices ranged from $12 to $195.
Another Bitcoin whale became active after 9 years to transfer over 2000 BTC. This whale also made its purchases when the value of Bitcoin was at $ 663.
Solana NFT Market Volume Hits Quarterly High: Solana NFT market volume exceeded 10 million dollars with 489 thousand 201 SOLs, reaching the peak of three months. The Mad Labs project, Backpack’s first xNFT collection, was instrumental in the increase in demand for the NFT market. Mad Lads’ transaction volume has reached $8.23 million, while the base price of the collection is close to 65 SOLs. This performance is BAYC, MAYC etc. It was recorded as the highest sales volume, surpassing the companies.
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