CRYPTO MARKET COOLS OFF AFTER SPURT

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Market picture

The cryptocurrency market has pulled back 0.7% to $2.37 trillion from local extremes in the last 24 hours while remaining around highs. This looks like localised profit-taking after the rally, but not exhaustion.

For Bitcoin, it is technically significant that the current consolidation around $64K is taking place above the 50-day moving average, making it support. The closest technical resistance looks to be the $67-68K area, where the upper boundary of the descending channel from March passes.

However, in our view, FOMO may come to the markets only after overcoming the $70K level, the last round mark before the historical highs. It looks to be a matter of weeks, but don't expect a smooth ascent - a definite selling overhang still exists.

Ethereum remains chained to its 50-day moving average, running just below $3500. News of a spot ETF is not pushing the price up yet. It seems that only actual buying, or rather even its accumulative effect, can do that, which will reduce the circulating supply of coins


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