FameEX Weekly Market Trend | April 27, 2023

1. Market Trend

Between April 24 and 9:00 am on April 27, the BTC price fluctuated between $26,943 and $30,036, with a volatility of 11.48%. According to the 1-hour candle chart, the price slightly oscillated before surging to $30,000 on April 26, followed by high-level oscillation. In the early morning of April 27, from 02:00 am to 04:00 am, the price dropped sharply by 10%, then quickly rebounded, and the price returned to above $29,000. The BTC price has crossed the daily and weekly charts multiple times with large and rapid fluctuations, implying a chaotic market sentiment.

Source: BTCUSDT | Binance Spot 

According to the ETH/BTC trend between April 24 and 09:00 am on April 27, the ETH/BTC price has been consistently fluctuating downward, with a fluctuation of 3.99%. From the 1-hour candle chart, the ETH/BTC price has been consistently below the weekly chart, indicating a weaker price trend for ETH against BTC.

Source: ETHBTC | Binance Spot 

Overall analysis shows that the current market is in a wide-ranging oscillation state, with huge differences between the longs and shorts. It is recommended to reduce contract positions, trade cautiously, and wait for a clear market trend before entering the market.

2. Industry Roundup

1. 1) On April 24, data showed that the total market value of USDT reached $81.4 billion, which is a level last seen before Terra’s crash.

2. 2) On April 24, the Fed’s balance sheet has been shrinking for four consecutive weeks, with a total reduction of about $140 billion.

3. 3) On April 25, according to data, the 7-day annualized deflation rate for Ethereum fell below 1%.

4. 4) On April 25, NEAR invested in Cosmose AI, an artificial intelligence company valued at $500 million, planning to establish a stablecoin payment system together.

5. 5) On April 26, Deloitte announced plans to hire hundreds of employees for cryptocurrency-related positions.

6. 6) On April 26, Tiger Brokers expressed interest in applying for a virtual asset trading platform license in Hong Kong.

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.