- Dgenz Crypto Weekly
- Posts
- Dgenz Crypto Weekly 009
Dgenz Crypto Weekly 009
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
The Weekly Ledger
Weekly Snapshot
Market & Economy Overview
Bitcoin experienced a 15% drop from its all-time high last week, with altcoins seeing steeper declines of 30-40%. However, a Christmas Eve rally did bring some festive cheer to the markets. Meanwhile, investigations revealed that North Korean hackers were behind the $308 million hack of 4,502 $BTC from Japanese crypto exchange DMM, forcing its closure. The group, TraderTraitor, is linked to $1.34 billion in thefts across 47 incidents in 2024 alone, more than double of last years estimates. In contrast, Russia has embraced cryptocurrencies to navigate western sanctions, legalizing their use in international trade and advancing legislation to support Bitcoin mining, further cementing its position as a global leader in the sector.
Crypto Insights: Weekly Charts
Bitcoin Dominance
$BTC.D appears to have reached a peak for several reasons. Firstly, it broke below the weekly trendline, only to retest it bearishly before resuming its downward trajectory, and is now mirroring Bitcoin’s earlier price action. Secondly, it has hit the 65% Fibonacci retracement level which is known as the golden pocket, this usually represents a significant turning point in price action. This retracement suggests a potential drop back to around 48%, which, in simpler terms, signals the next leg of the altseason.
The BTC.D chart shows Bitcoin’s market dominance, revealing its share of the total crypto market cap and helping investors understand capital flow trends and overall confidence in Bitcoin versus altcoins.
USDT Dominance
$USDT.D also shows a very similar setup to $BTC.D where the weekly trendline has been lost followed by a bearish retest. This is also now the 7th touch of support at 3.8% and the more touches that occur on a support or resistance the more likely it becomes that price action will break those levels. A loss of this support would signify the true beginning of our altseason and a drop down to 2.5%-2% would signify the end where you want to be taking profits.
New to crypto trading and looking for guidance? We got you!
Check out our weekly guide with trading strategies, candle patterns, and tips that will level up your skills. Got questions? Join our community and grow with us—trading never sleeps, and neither do we!
|
Craving educational newsletters like this one? Check out our partner’s newsletter packed with tips, tools, and fresh market takes here.
Spotlight: Token of the Week
$UNI
Uniswap is currently sitting in a great spot if you are looking to add a fundamentally strong coin to your portfolio. With a very enticing 3-5 risk to reward ratio it is also a technically sound asset to buy as it sits on this new found level of support. If you want to find more plays like this then head on over to our exclusive Discord community where our Dgenz NFT holders have access to crypto calls and analysis given daily by our 4 expert chart masters.
This is not financial advice. Please conduct your own research and trade responsibly.
Want to stay ahead of the moves? Join our community and get real-time insights on the market—daily, hourly, anytime you need them. Learn from our 4 expert chart masters and engage with a community of traders out there in the trenches with you. 🚀 Don’t miss the next one!
Know a few friends who need crypto alpha in their life? Share your link, collect rewards and don’t miss out on the soon to be announced Dgenz perks - Start referring today!