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Macro to Crypto - 14.8.24 - A Decisive Week by Taiamã Demaman 2/2

1 - Macro - US Still Strong 2 - Crypto <-

Mining

Just over a month after the halving and the launch of the Runes Protocol, an optimized layer for less harmful transactions for BTC's Layer1, had a significant impact on block transactions 840000 block, which previously yielded over 35 bitcoins in a single block, returned to modest 0.23 Bitcoins. Despite this, there was no significant reduction in the hashrate since then, demonstrating resilience and a positive bias in the view of computational power providers for the network 💻.

Powell's statements and Bitcoin Dominance

The crypto market responded with volatility to JP's comments, varying by 2% after the statements. Nevertheless, Bitcoin remained above $61,000 and the dominance (BTC.D), which measures investor risk appetite, remained above the decisive zone (yellow), between 54.77 and 55%. To illustrate, while dominance remains above 55%, in the green area, we have confirmation of a sustainable uptrend or search for a bottom.

TA of the Week

[Here is the simple chart]( and subsequently the Wyckoff modeling (IMG2) chart, which remains valid for the 23rd day 📊.

The week indicates a possibility of continuation around $60,000 per Bitcoin. The drop will only occur if the region between $60 and $58.2 results in a significant increase in traders leveraging long positions and we observe dominance breaking supports until 54.7% 📉.

-> Lower targets will be $57.2, $55.5, and $52.7k.

In the main trend (Up Only)

The resistances are at $63.8 and mainly in the region of $67 to $69 thousand dollars. With favorable indicators, they will signal the end of accumulation 💸. The target for dominance is 57.21% for the next three months 📈.

Futures Markets

The week started slashing both sides, with a total liquidations for only Monday and Tuesday over week were $40.26 million of BTC traders 💸.

Curiously, the futures market indicators, such as Open Interest and Long/Short Ratio, which moved at the time of Powell's statements on the 14th, have cooled down again and remain without a defined position.

To clarify about the indicators

Currently, the LSR is at 1.94, a neutral-bearish value, and the OI is at 67.86 thousand BTCs on Binance, reducing the chance of higher volatility, unless in the Spot Market Makes a takes the wheel!

Liquidation Map

The map indicates an increase in liquidity on both sides, and for now, there is a lower chance of a retest at $59,000, since the liquidity cluster up to $64,000 is close to the current price.

Books

To finish this week view, the orderbook shows strong support with clustered buying orders around $58.2k and later at 52.6k Show Less

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