The crypto market completed another successful week. It moved up and added about 8% to investor portfolios. Many favorable market figures marked such an exciting week for crypto. Besides, the Shanghai upgrade for investors also noted the market’s high performance, according to the inflation data.
On April 12, the Bureau of Labor Statistics released the United States Consumer Price Index (CPI). The report said the rate increased by just 0.1% in March. The investors didn’t quite anticipate such an outcome since it went up by 0.5% in February. As a result of this news, market leader Bitcoin increased 1.6% on April 13 and maintained its momentum above $30K.
On the weekly chart, the total market cap of cryptocurrencies produced three bullish candles. Indeed, this area was a major demand zone from February 2021 to May 2022. However, the bears discovered a significant dominance zone near 1.27 trillion in this area.
The trading volume bar indicated a predominance of purchasers over the previous three weeks. However, the week began with a red trade volume bar, indicating that the bears may briefly control the market before it recovers. In terms of retracements, the weekly RSI also shifted downwards. Before bouncing again, it may go back to the 56 levels. Therefore, it serves as a support for the rising trendline.
Weekly timeline of crypto market cap
Last week, the Shapella upgrade in Ethereum increased its bullish surge to 13.97%. Furthermore, BTC reached a 10-month high on April 14. As well as 2023 high of $31,170, the longer-term outlook for the cryptocurrency market is bullish.
In contrast, the price of bitcoin fell today after failing to hold the peak in the near term. On the 4-hour price chart, BTC is currently correcting lower after breaking the neckline of a head and shoulders pattern. Since Bitcoin is currently trading at $29,538 versus the US Dollar, the bears successfully dragged the price below $29,800.
A BTC retracement could exacerbate the gloomy market mood. Due to an ascending support area, this retracement could turn bullish towards the $28,700 region. The RSI has crossed into the extremely oversold zone at this time, showing short-term negative signs. As a result, the MACD is going to enter the negative zone.
The crypto market cap is currently at $1.22 trillion, down 1.72% day-to-day.
Due to Bitcoin’s dominance, a decline of $1000 in BTC might cause a short-term decline in the market of about 3.5%.
The SAR and 21 SMA suggest that until the $1.7T level, sellers may remain in control of the market. All the while, the bulls have a crucial support zone at this price. The daily RSI is moving downward from the oversold area and may find support near an ascending trendline.