Metaplanet acquires ¥200 million worth of Bitcoin ❗️

Welcome back to the daily Coinsauce Newsletter, your go-to source for the latest crypto updates 🗞️

📈 Markets

• Overall bias - Cautious 🟠 

• $64,800 - $65,300 now becomes a crucial resistance to break for BTC, and an intraday short level as well. This is a confluence of a bearish order-block, an AVWAP resistance & a horizontal resistance.

• ETF inflows ~25 mil negative — Demand here needs to really pick up or else we risk re-visiting the range lows at $59,000.

• BTC dominance is coming in at a resistance of 55.10%. If dominance gets rejected here, altcoins can do well on an intraday basis.

• $67,200 is a key resistance for Bitcoin -- Confluences include 4H premium zone, 4H bearish order-block & 4H horizontal resistance.
  

📅 Today

Metaplanet acquires additional Bitcoin ❗️ 

Metaplanet, a Japanese public company expanded it’s Bitcoin holdings by buying an additional 19.87 BTC.

Last month, they invested ¥1 billion ($6.5 million) in Bitcoin for its corporate treasury.

Metaplanet now holds over 117.7 BTC worth $7.39 Million, obtained at an average price of $65,460 per $BTC.

Although this seems a small amount, even such experimental moves by established companies can boost investor confidence in relation to Bitcoin.

Slowly first, then altogether 🚀 

BlockFi to shut down web platform 👀 

Crypto lender BlockFi which had declared bankruptcy in 2022 will be shutting down in May. They have partnered with Coinbase to allow clients to access and withdraw funds.

Following FTX’s collapse in Nov 2022, BlockFi declared for bankruptcy and later outlined plans to return customers’ crypto holdings, with a withdrawal request deadline set for April 28, 2024.

Estimates show that BlockFi owes up to $10 billion to over 100,000 creditors, including $1 billion to its three largest creditors and $220 million to bankrupt crypto hedge fund Three Arrows Capital.

📊 Stats

Educational 📔 

Visualizing social risk in crypto 👇️ 

• Usually, the cycle top coincides with retail or dumb money flocking to buy alt coins when the market is euphoric.

• These retailers end up becoming exit liquidity for the early buyers and smart money.
  According to social risks as seen in the chart above - Bitcoin is far from peaking yet, and retail hasn’t really sustainably entered the market.

• Credits : Benjamin Cowen 

Chart of the day 📈 

Sol/Usdt (4H-Short)

Confluences & Rationale

• Strong 4H horizontal resistance

• 4H & 1H Premium

• 4H bearish OB

• ATH AVWAP Resistance

• 1H RSI not tagged green

• 15 mins RSI not tagged green

• OI divergence

• Note : None of the content posted here is Financial Advise. This is for educational purposes only.

🤣 Meme of the day

That concludes our update for today!

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