Bitcoin Remains Steady Near $95,000 After Canadian Election Results
Bitcoin (BTC) is currently around $95,000, unaffected by the recent Canadian election results. Key macroeconomic data this week, including Friday's non-farm payrolls report, may influence Bitcoin's price movement. A breakout above $95,500 could lead to further gains, while a drop below support may indicate a reversal.
Key points:
- Bitcoin's hashrate is near record levels but is slowing down, with an expected difficulty adjustment of over 5% in four days.
- This week's macro data includes personal spending and GDP growth figures, with forecasts predicting a decline in new jobs to 135,000 for April.
- The unemployment rate is projected to remain steady at 4.2%.
- The CME FedWatch Tool indicates a 91% chance the Fed funds rate will stay between 4.25%-4.50% at the May 7 meeting.
Upcoming Events
- April 30: ProShares to launch three ETFs providing leveraged and inverse exposure to XRP.
- May 1: Coinbase Asset Management to introduce the Coinbase Bitcoin Yield Fund for non-U.S. investors.
- May 1: THORChain activates its v3.5 mainnet upgrade, allowing TCY holders to earn 10% of network revenue.
Market Overview
- BTC at $95,009.93, up 0.43%
- ETH at $1,838.46, up 2.81%
- Total open interest across derivatives stands at $122 billion.
Technical Analysis
- Ether (ETH) shows recovery signs after reclaiming significant price zones.
- Upside targets for ETH include $2,104 and $2,200 as critical resistance levels.
Crypto Equities
- Strategy (MSTR): $369.25 (+0.15%)
- Coinbase Global (COIN): $205.27 (-2.08%)
- Riot Platforms (RIOT): $7.63 (-1.8%)
ETF Flows
- Spot BTC ETFs: Daily net flow of $591.2 million; total BTC holdings ~ 1.14 million.
- Spot ETH ETFs: Daily net flow of $64.1 million; total ETH holdings ~ 3.40 million.
Token Launches
- April 29: MilkyWay (MILK) listed on Bybit.
- May 2: Binance to delist several tokens including Alpaca Finance (ALPACA).