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FameEX Weekly Market Trend | May 29, 2023

2023-05-29 18:16:45

1. Market Trend

Between May 25 and May 28, the BTC price fluctuated between $25,871.89 and $27,344,23, with a volatility of 5.7%. According to the 1-hour candle chart, at 9:00 am on May 25, the price reached $25871.89, marking the second lowest point since mid-March (only $60 away from the lowest point of $25,811 since March). Then it started moving upward slowly and consolidated below the resistance level of $27,000. At 8:00 am on May 28, the price successfully broke through and stabilized above $27,000 in the following trend. Meanwhile, it also broke through and stabilized the 7-day Simple Moving Average (SMA). This marks the first time since the recent breakthrough of $27,000 that the price has maintained stability and shown continued upward momentum, indicating a preference for buyers in the market. Therefore, it would be wise to choose a proper position to enter the market at an opportune moment.

Source: BTCUSDT | Binance Spot 

Between May 25 and May 28, the price of ETH/BTC fluctuated within a range of 0.06751 to 0.06880, showing a 1.91% fluctuation. Looking at the 1-hour candle chart, the ETH/BTC pair shows relatively minor fluctuations, moving up and down. However, in the later stages, BTC began to move upward, slightly exceeding ETH, which led to a bearish trend in the ETH/BTC pair. As such, the overall trend is weak, and it is crucial to monitor the BTC price trend in the subsequent market for further analysis.

Source: ETHBTC | Binance Spot 

Based on overall analysis, the BTC price made several attempts to breach the resistance level before finally breaking through and stabilizing at $27,000. This breakthrough signifies a sustained upward trend. The long trend holds a temporary advantage in the market, with a gradually clear trend in the later stages.

The Bitcoin Ahr999 index of 0.45 is above the buying-the-dip level ($22,630) but below the DCA level ($36,960). It is viable to purchase popular coins through DCA.

Source: OKLink

From the perspective of MVRV Z-Score, the value is 0.57. When the value is greater than 6, it enters the market tops, while a value below 2 indicates that it enters the market bottoms. Currently, the present value exceeds the buying-the-dip range (-0.47-0.17).

Source: coinsoto

2. Perpetual Futures

In general, the 7-day cumulative funding rates for the popular coins across major exchanges were positive, indicating that long leverages are relatively high.

Source: coinsoto

Between May 25 and May 28, there is little change in the contract open interest of BTC and ETH from major exchanges.

Exchange BTC Contract Open Interest:

Source: coinsoto

Exchange ETH Contract Open Interest:

Source: coinsoto

3. Industry Roundup

  1. 1) On May 25, Binance stated it has assisted US law enforcement in seizing $4.4 million related to a North Korean cybercrime organization.

  2. 2) On May 25, Ethereum client Geth released version 1.12.0, discontinuing support for Proof of Work (POW).

  3. 3) On May 25, the Montenegrin court extended the detention period for Do Kwon in Montenegro.

  4. 4) On May 26, the US April Core PCE Price Index had an annual rate of 4.7%, in line with expectations.

  5. 5) On May 26, the Deputy Minister of the Ministry of Industry and Information Technology stated that the future industries will focus on artificial intelligence and Web3.0.

  6. 6) On May 26, Li Lin stated that there is no association between HuobiHK and himself and requested Huobi to immediately stop using the Huobi (火币) brand.

  7. 7) On May 27, over 2.5 million on-chain smart contracts were created on the Arbitrum network, with a total locked value of over $5 billion.

  8. 8) On May 27, Secretary of the Treasury Janet Yellen estimated that the US Treasury will exhaust its funds by June 5.

  9. 9) On May 28, the Securities and Futures Commission of Hong Kong announced that applications for operating licenses for virtual asset trading platforms can be submitted starting from June 1.

  10. 10) On May 28, an Ethereum ICO participation address that had been dormant for 8 years transferred 8,000 ETH to a new address.

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.

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