The price of oil and geopolitics continues to influence the price of bitcoin. (Sergio Russo/Flickr)
What to know:
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The hesitation comes a day after bitcoin exchange-traded funds (ETFs) recorded their largest inflows since late February, even as the market pays close attention to the harsh macro backdrop. Bitcoin ETF investors’ demand suggests they see the current price action as an accumulation opportunity.
Binance Research found earlier this month that bitcoin’s correlation with its Global Easing Breadth Index, which tracks 41 central banks, turned strongly negative after the launch of spot bitcoin ETFs. ETF-driven institutional flows tend to be more forward-looking, positioning themselves for expected policy moves. That is, institutional capital may be accumulating ahead of expected easing of monetary policy.
Bitfinex Alpha described the market as range-bound but fragile, with weak organic demand, slower corporate treasury buying and options positioning that turns more unstable below $68,000 as downside protection grows.
Macro pressure remains relevant too. Brent crude remains above $110 a barrel as the looming deadline U.S. President Donald Trump imposed on Iran for a deal to open the Strait of Hormuz keeps investors on edge.
The market currently sees little room for the Federal Reserve to lower rates in the near future given the expected inflation rise caused by higher energy costs. U.S. inflation data coming in later this week will be critical. Stay alert!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to Watch
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
Crypto
Nothing scheduled.
Macro
April 7, 07:15 a.m.: U.S. ADP Employment Change Weekly (est. 10K)
April 7, 7:30 a.m.: U.S. Durable Goods Orders MoM for February est 04% (Prev. 0%)
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
Governance votes & calls
April 7: Kamino and xStocks to host an X Spaces session on tokenization.
Balancer DAO is voting across twolinked proposals to restructure operations with a reduced team and budget, and to revamp tokenomics by halting BAL emissions, discontinuing veBAL, routing all fees to the treasury, and offering a token buyback. Voting ends April 7.
CoW DAO is voting to fix its solver rewards budget at 50% of protocol revenue, splitting it between performance and new consistency rewards. The proposal has overwhelming support and ends April 7.
Unlocks
No major unlocks.
Token Launches
No major launches.
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
Nothing scheduled.
Market Movements
BTC is down 0.98% from 4 p.m. ET Monday at $69,149.83 (24hrs: -1.05%)
ETH is down 0.98% at $2,128.41(24hrs: -1.31%)
CoinDesk 20 is down 1.13% at 1,946.75 (24hrs: -1.59%)
Ether CESR Composite Staking Rate is up 4 bps at 2.74%
BTC funding rate is at 0.0049% (5.3327% annualized) on Binance
DXY is down 0.15% at 99.83
Gold futures are unchanged at $4,688.40
Silver futures are down 0.3% at $72.63
Nikkei 225 closed unchanged at 53,429.56
Hang Seng closed down 0.70% at 25,116.53
FTSE is up 0.33% at 10,470.51
Euro Stoxx 50 is up 0.98% at 5,748.35
DJIA closed on Monday up 0.36% at 46,669.88
S&P 500 closed up 0.44% at 6,611.83
Nasdaq Composite closed up 0.54% at 21,996.34
S&P/TSX Composite closed up 0.22% at 33,181.97
S&P 40 Latin America closed up 0.12% at 3,656.10
U.S. 10-Year Treasury rate is down 1 bps at 4.325%
E-mini S&P 500 futures are unchanged at 6,657.25
E-mini Nasdaq-100 futures are unchanged at 24,373.50
E-mini Dow Jones Industrial Average Index futures are up 0.16% at 46,976.00
Bitcoin Stats
BTC Dominance: 59.04% (-0.08%)
Ether-bitcoin ratio: 0.03077 (0.54%)
Hashrate (seven-day moving average): 951 EH/s
Hashprice (spot): $31.40
Total fees: 2.18 BTC / $151,084
CME Futures Open Interest: 117,120 BTC
BTC priced in gold: 14.8 oz.
BTC vs gold market cap: 4.6%
Technical Analysis
The chart shows bitcoin’s dollar price in weekly candle for the past several years.
The measure is still trading around the 200-week exponential moving average of $68,317 while the RSI continues to grind up after bottoming out at 27 a few weeks ago.
With no clear bearish RSI divergences, the next core level to monitor is $73,000 for any confirmed upward momentum
Crypto Equities
Coinbase Global (COIN): closed on Monday at $174.79 (+1.94%), -0.56% at $173.82 in pre-market
Circle Internet (CRCL): closed at $92.15 (+2.09%), +0.18% at $92.32
Galaxy Digital (GLXY): closed at $18.28 (+3.63%), +0.11% at $18.30
Bullish (BLSH): closed at $37.35 (+2.69%), unchanged in pre-market
MARA Holdings (MARA): closed at $8.85 (+1.61%), -0.55% at $8.80
Riot Platforms (RIOT): closed at $13.52 (+5.13%), -0.52% at $13.45
Core Scientific (CORZ): closed at $16.29 (+0.37%), -0.18% at $16.26
CleanSpark (CLSK): closed at $9.10 (+3.53%), -0.33% at $9.07
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $36.70 (+2.63%)
Exodus Movement (EXOD): closed at $6.33 (+3.77%), +0.63% at $6.37
Crypto Treasury Companies
Strategy (MSTR): closed at $127.69 (+6.56%), -0.71% at $126.79
Strive (ASST): closed at $10.12 (+3.79%), +0.30% at $10.15
SharpLink Gaming (SBET): closed at $6.38 (+3.07%), +0.12% at $6.39
Upexi (UPXI): closed at $1.01 (+3.59%), -0.99% at $1.00
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