Greener Candles Crypto Market Analysis - 01/06/25

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Happy Monday!

The weekend didn't bring in any surprises, and Bitcoin & most of the alts were trading within tight ranges. I stayed off leverage but made some small spot buys, such as $JUP, $HIVE & $KAITO.

Recently, I have been trying to adopt this habit of first going through the crypto news before checking out the watchlist and charts. This should give me a broader market perspective before zooming into individual tokens.

Thought I'd also share some of the interesting findings here.

Maybe just a rumour, but Powell's speech at 1 PM ET could shake things up a bit if he indeed were to resign. To speculate with it a bit further, this could be bearish in the short term, but eventually, if the rate cuts kick in, a bullish scenario for crypto.

Link to the thread: https://x.com/kyledoops/status/1929459221650944018

Meanwhile, I guess we can't ignore the impact of the infamous Hyperliquid Whale who seems to be back in action again after some rough times. The guy is gambling with such large amounts that it's good to keep an eye out for his doings.

Link to the thread: https://x.com/DaanCrypto/status/1929466287975002135

Interestingly enough, these events have launched some debate on the X of perp DEXs being too transparent, allowing traders to target players such as the Hyperliquid Whale here. CZ, the former Binance CEO, was asking for someone to build "dark pools" for DEXs.

Link to thread: https://x.com/cz_binance/status/1929246168833229243

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BTC

In my previous analysis, we were closely watching whether BTC would break the descending trendline, which it did, but after a small pump, it has now been in that tight range and is currently going to test the $104k support.

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BTC Dominance

Meanwhile, BTC.D is on the rise and going for the May 25th high which is an important resistance level to watch.

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USDT Dominance

Also, the USDT.D came down to test the support level at 4.71% and made a strong bounce upward.

Together with BTC.D, this indicates a cautious approach by the investors, and I wouldn't be betting on many altcoins until we see a clear signal of USDT.D or BTC.D getting rejected.

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ETH

The Ethereum price has been range-bound for quite some time and is now testing the range bottom once again.

Bounce back up from here, and a breakthrough at the $2,750 level could send ETH to $3k levels. On the other hand, the breaking of the support could send ETH to fill the fair value gap near $2k.

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Conclusion

If I recall correctly, the beginnings of new months have been quite bearish and picked up from there as the month goes on. Staying cautious and watching closely both BTC and ETH charts, as well as BTC.D & USDT.D.

Yesterday, I made my monthly portfolio update, and as it turns out, I'm currently 70% in stablecoins, although the number increased a bit because I received the Movement airdrop. I swapped the $MOVE to USDC but still hold them on the chain and looking for some good stablecoin defi opportunities on Move, so if you know any, drop a comment. 🙏

I'm also planning on moving a portion of those stables to HyperEVM, where we can farm multiple airdrop opportunities, also with stables. In fact, just yesterday I wrote a HyperEVM tutorial so if you're interested, check it out here.

That's all for today, thank you for reading!

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Let's connect on X

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Apps and Airdrops:

🔹 Hyperliquid - the best perp DEX out there. Trade, stake & farm the next big airdrop!
🔹 HyperSwap - Swap & provide liquidity on HyperEVM, earn points for the airdrop
🔹 LeoDex - multi-chain, multi-wallet dex for all of your swaps
🔹 VOLO - stake SUI to earn APR & airdrop points!
🔹 Grass - $GRASS token launch surprised everyone, don't miss the second season!

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