FameEX Weekly Market Trend | March 14, 2024

1. Market Trend

From Mar. 11 to Mar. 13, the BTC price swung from $67,024.00 to $73,650.25, a 9.88% range. The last report mentioned: BTC is poised to exceed $70,000 soon. On Mar. 11 at 3:00 p.m. (UTC+8), it broke through this level with a surge in volume, trading sideways around $71,500 afterward. This suggests solid support at $70,000, with major players defending it. Also, on Mar. 13 at 1:00 a.m. (UTC+8), BTC briefly dropped to $68,500 before swiftly bouncing back above $70,000, reaching $71,000, before oscillating upward. This implies strong support and potential for further upside. This reaffirms strong support at $70,000, hinting at a new upward trend. On the 4-hour chart, BTC’s frequent long lower shadows signal intense disagreement between bulls and bears, yet leading to bullish outcomes. Observing MAs on different timeframes, BTC appears set to push towards $75,000. Hodlers should safeguard their investments, while potential investors may find entry opportunities near $71,000 for trading.

Source: BTCUSDT | Binance Spot 

From Mar. 11 to Mar. 13, the price of ETH/BTC fluctuated between 0.05450 and 0.05669, a 4.02% range. In the previous analysis, breaking the $4,000 mark was only a matter of time (one instance saw a drop from $3,800 to $3,200, but the recovery was swift, indicating strength). ETH followed BTC’s lead on March 11 at 3:00 p.m. (UTC+8), breaking $4,000. However, its resilience post-break isn’t as strong as BTC’s, possibly due to ETH selling pressure post-DenCun upgrade. The upgrade unlocks about 27% of ETH’s circulating supply, leading to a cautious ETH trend at this level. However, it won’t reverse the overall trend. Investors holding chips should continue holding, while those without should wait patiently for potential minor pullbacks, aiming to enter at opportune levels (0.05200-0.05350).

Source: ETHBTC | Binance Spot 

Based on overall analysis, BTC has now decisively surged past the $70,000 mark. According to the current market conditions, BTC’s movement around $70,000 is merely the starting point of this uptrend. Therefore, the profit-making effect is likely to continue for some time. Investors holding chips should stay steady and maintain their positions. Additionally, continuing to invest in lower-cap coins in the MEME sector could yield greater returns. Secondly, positioning in coins from the L2 sector could be beneficial as they directly benefit from the Ethereum DenCun upgrade. Lastly, it’s worth paying attention to projects in the public blockchain sector, such as SOL.

The Bitcoin Ahr999 index of 1.99 is over the DCA level ($56,060), indicating the need to be cautious of investment risks.

Source: OKLink

2. Perpetual Futures

In general, the 7-day cumulative funding rates for the popular coins across major exchanges are positive, indicating that long leverages are relatively high.

Source: coinsoto

In the recent period, both BTC and ETH contract open interest have experienced a rise.

Exchange BTC Contract Open Interest:

Source: coinsoto

Exchange ETH Contract Open Interest:

Source: coinsoto

3. Industry Roundup

1) On March 11, Tether announced an upcoming launch of USDT on the Celo network.

2) On March 11, Trump stated that Bitcoin is widely used, but it’s uncertain whether he’ll ban it.

3) On March 11, CoinShares reported that inflows into digital asset investment products reached $2.7 billion last week, hitting a historic high.

4) On March 12, the JPMorgan CEO Jamie Dimon stated that he would never personally buy Bitcoin.

5) On March 12, the assets under management of the BITB spot Bitcoin ETF exceeded $2 billion.

6) On March 12, Grayscale applied to the SEC for its Grayscale Bitcoin Trust, with the ticker symbol “BTC”.

7) On March 13, OKX received preliminary approval from the Monetary Authority of Singapore for a Major Payment Institution License (MPI).

8) On March 13, Nigeria requested Binance to submit a list of the top 100 users from the country.

9) On March 13, South Africa announced plans to issue licenses to 60 crypto platforms by the end of March.

10) On March 13, the Ethereum Dencun upgrade was successfully completed on the mainnet.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.