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This could be a cause for concern to the crypto investors because some equity analysts anticipate Nasdaq to correct sharply. Veteran trader Peter Brandt tweeted a chart of the Nasdaq 100 index and highlighted similarities between the current chart structure and the one that formed just before the dotcom crash.

The weak performance of cryptocurrencies in 2022 and their tight correlation with US equity markets has resulted in sharp withdrawal from crypto exchange-traded funds.
According to UBS analysis, crypto-ETFs witnessed outflows of $417 million in April, the largest on record.

Google Trends data has shown that worldwide searches for Bitcoin have fallen off the cliff compared to May 2021 readings. This suggests that the retail interest in Bitcoin may be waning.

We had suggested in our previous analysis that bulls will aggressively defend the strong support at $37,000 and that is what happened on April 25. Strong buying at lower levels lead to a sharp recovery in Bitcoin from $38,210.

The BTC/USD pair has reached the 20-day exponential moving average (EMA), which is likely to act as a resistance. If the price turns down sharply from the current level, it will increase the possibility of a drop to $37,000.

This is an important level to watch out for because a break and close below it could intensify selling and the pair may plummet to $32,933.

Contrary to this assumption, if buyers drive the price above the 50-day simple moving average (SMA), the bullish momentum could pick up and the pair may rally to the overhead resistance zone between $45,855 and $48,240. The bears are likely to mount a strong defence in this zone.

Until Bitcoin breaks above $48,240 or plummets below $32,933, volatile random range-bound action is likely to continue.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- Loop Ventures

- ZiberBugs

- Artex

- Have NFT

- Charity Token

- Maxxer

- 3QualiTy

- CleanCarbon

- Solidray

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BitMEX CEO Arthur Hayes said in a blog post that the 10-day correlation between Bitcoin and the Nasdaq 100 Index (NDX) remains high. That means if the Nasdaq enters a meltdown, falling 30% to 50%, then the crypto markets are unlikely to be spared. He expects Bitcoin to plummet to $30,000 and Ether to drop to $2,500 by June of this year.

Although the near-term price action favours the bears, whales remain bullish for the long term. At the recently concluded Bitcoin 2022 conference in Miami, ARK Invest CEO Cathie Wood reiterated her call for Bitcoin to reach $1 million by 2030. She expects about two and a half percent of institutional assets to be allocated to Bitcoin in the next eight years.

We cautioned traders in our previous analysis that a break below $44,000 could sink Bitcoin to the 50-day simple moving average (SMA) and that is what happened. The BTC/USD pair turned down sharply on April 6 and reached the 50-day SMA on April 8.

Although the bulls defended the 50-day SMA from April 8 to April 10, the failure to achieve a strong bounce off it attracted further selling by the bears. The pair plunged below the 50-day SMA on April 11 and broke the psychological support at $40,000.

If the price sustains below $40,000, the next stop could be the strong support at $37,000. The buyers are likely to defend this level aggressively. If they succeed, the pair could remain stuck inside a large range between $37,000 and the 200-day SMA for a few days.

Alternatively, if the price turns up from the current level, the buyers will try to push the pair above the 50-day SMA. If that happens, it could signal the formation of a higher low, which may be a bullish sign.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this week's Edition:

- CleanCarbon

- Charity Token

- Ernest in Disguise

- Faith Tribe

- Bashoswap

- Hubble Protocol

- loop Ventures

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Another milestone of importance was that the 19th millionth Bitcoin was mined on April 1, leaving only 2 million more Bitcoin to be mined. It is expected that the last Bitcoin will be mined in the year 2140. This is likely to shift investors’ focus on the scarcity of the leading cryptocurrency.

While Bitcoin remains the leading cryptocurrency, some analysts are projecting greater value in Ether. Arthur Hayes, the former BitMEX CEO, recently highlighted in a
blog post that Ether’s upgrade to proof-of-stake could increase its institutional appeal as it will act as an infinite duration bond. This makes Hayes more bullish on Ether than Bitcoin. He expects Ether to rally above $10,000 by the end of the year.

“My crypto portfolio at the beginning of 2022 was 50% Bitcoin and 50% Ether. I have conviction in the cheapness of ETH relative to the rest of the crypto firmament. Therefore, my target allocation is 25% Bitcoin and 75% Ether”, Hayes added.

Bitcoin turned down from the 200-day simple moving average (SMA) on March 29, indicating that bears continue to defend the level aggressively.

The sellers tried to sink and sustain the price below the breakout level of $45,855 but the bulls had other plans. They purchased the dip on April 1 as seen from the long tail on the day’s candlestick.

The buyers have managed to keep the BTC/ USD pair above the critical level of $45,855 but have not been able to push the price above the 200-day SMA. This indicates that the pair may spend some more time inside a tight range between $44,250 and $48,250.

Contrary to this assumption, if buyers propel the price above the 200-day SMA, the upmove could resume. The pair could then rally to $52,100 where the bears are expected to mount a strong defence. Aggressive traders may consider long positions on a close above the 200-day SMA.

On the downside, a break and close below $44,000 could attract profit-booking by the short-term traders. That may pull the price to the 50-day SMA.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this week's Edition:

- Ernest in Disguise

- 3QualiTy

- CleanCarbon

- DeepSquare

- Loop

- Bashoswap

- bitcci

- Ninja Fantasy Trader

- Chosen Ones

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Bitcoin’s strong rally in the past two days has erased the losses for 2022. This has pushed the Crypto Fear and Greed Index into the “greed” territory. Interestingly, just a week back, the index was languishing in the “fear” zone. This shows how a few bullish days could change the investor sentiment quickly.

On-chain analytics firm IntoTheBlock recently tweeted that “the balance held by hodlers - addresses holding >1year, is currently at ath (all-time high). Hodlers increased their positions by 17% since late November. These addresses remained unfazed and accumulated throughout Q1 of 2022.”

Along with increased institutional interest, the purchase by the Luna Foundation may also have boosted sentiment. Do Kwon, the co-founder and chief executive officer of the firm behind the Terra blockchain, said to Bloomberg that it had purchased more than $1 billion in Bitcoin, with the latest purchase of about $135 million done on Monday.

We said in our previous analysis that $45,855 may act as resistance but if bulls push the price above it, the rally could reach the 200-day simple moving average (SMA) and that is how it happened.

The long wick on March 28 candlestick shows that bears are attempting to stall the rally at the 200-day SMA. If the price turns down from this level but does not drop below $45,855, it will suggest that the previous resistance has turned into support. This increases the possibility of a break above the 200-day SMA.

If that happens, the BTC/USD pair could start its rally to $52,000 where the bears may again mount a strong defence.

If the price turns down from the 200-day SMA and plummets below $45,855, it will suggest that the short-term traders who may have purchased at lower levels are closing their positions. That could open the doors for a possible drop to $42,500.

If that happens, the pair may remain rangebound between the moving averages for a few days.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- HAVE NFT

- MetFX

- XMetaFans

- Ernest in Disguise

- 3QualiTy

- Nunu Spirits

- Ninja Fantasy Trader

- Artex

- Bashoswap

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- Faith Tribe

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