The Crypto Express

Amidst the hype and market rally surrounding approval of the spot #Bitcoin ETFs, the unrealized profit of Bitcoin holders expanded considerably faster than that of #Ethereum investors. As a result, the Bitcoin NUPL metric crossed 0.5 and entered the euphoria phase three months before the equivalent metric for Ethereum.

#BTC/USDT ANALYSIS BTC was rejected from the trendline of the descending triangle and is currently holding above the horizontal support. A bounce could be expected from here, while a sustained breakdown of the horizontal support would be a bearish sign.

#S&P 500 ANALYSIS The S&P 500 pumped after retesting the MA 21, and currently, it is encountering resistance at previous highs. The MACD crossover indicates bullish momentum. A definitive breakout above the previous high would confirm bullish sentiment, while rejection would signal a correction. It's worth noting that its performance typically correlates with the crypto market.

#DOT/USDT ANALYSIS DOT has broken out of the falling wedge pattern and is now retesting above it. The Ichimoku cloud indicates a bullish trend. Presently, it is encountering resistance at the 100-day moving average (MA). A successful retest or breakout above the MA 100 would confirm the bullish trend.

Binance and KuCoin have registered with India’s Financial Intelligence Unit. KuCoin paid a $41,000 fine and has resumed operations. Binance’s financial penalties are still to be determined after a hearing and it is expected to resume operations after paying the fine.

#GMT 👀

#BTC/USDT ANALYSIS BTC has bounced from the horizontal support with decent volume and broken out of the Ichimoku cloud. It is now moving toward the trendline, and a solid breakout of the trendline would confirm bullish momentum. Conversely, a rejection and sustained breakdown of the horizontal support would confirm bearish sentiment.

#USDT DOMINANCE ANALYSIS USDT.D went down after the breakdown of the rising wedge, and it is now approaching a retest of the same pattern. A successful retest would confirm a downward movement, while a failed retest would indicate an upward trend. It's important to note that this pattern typically operates inversely to the crypto market.

Introducing Notcoin (NOT) on Binance Launchpool! Farm NOT by Staking BNB and FDUSD https://www.binance.com/en/support/announcement/b78921ecf7c94e50973850fc47f497b9

Measured from the $73k ATH, Bitcoin prices corrected by -20.3%, which is the deepest correction on a closing basis since the FTX lows in Nov-2022. That said, this macro uptrend still appears to be one of the more resilient in history, with comparatively shallow corrections thus far.