Jan.31-Feb.5(BTC)Weekly market recap

At the FOMC last week, interest rates remained unchanged, in line with market expectations. The labor market showed strong performance in U.S. employment report released on Friday. In an interview over the weekend, Powell said a rate cut was possible this year, but based on current economic data, it was unlikely that an interest rate cut will be imminent. CME currently shows traders believe the first rate cut this year is more likely to occur at the FOMC in May. So the market will usher in the dual benefits of BTC halving and monetary policy changes from April to MAY.

Since February, the reduction of GBTC holdings has slowed down. Although GBTC may eventually be cleared due to high fees, overall BTC ETF funds are still showing a slow inflow.

Volatility fell last week, BTC remained fluctuating around 42000, and the market has digested the reduction in GBTC holdings. Judging from the ME indicator, BTC continues to maintain a bullish trend, and the purple wavy area further narrows. Because BTC was almost fluctuating in a narrow range last week, it is reasonable that there were no whales participating in the trading on the WTA indicator. The MBF indicator shows bottom buying sentiment after BTC approached a given support level, with a small value.

Switching to the 4h level, the indicator does not reflect much information. BTC maintained a long period of fluctuation after rebounding from 38000, and the ME indicator switched to a bullish trend.

In summary, after the market fully priced the BTC ETF, BTC seems to have returned to a state of low volatility. It may continue to fluctuate. We maintain the original support level 38000 and resistance level 48000.

Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.

Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.

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