Prices rose over the first week of the year as open interest in the CME improved.
Altcoins outperformed Bitcoin as the largest crypto remained rangebound.
Meanwhile, ETF flows remained net negative.
Bitcoin
Bitcoin’s price improved last week but remained within the range established in previous trading sessions. BTC logged a weekly low of 91,271.19 and a high of $98,972.29. Bitcoin closed last week at $98,198.52.
Open interest in the CME improved over the last week as more contracts were added. Comparing that with price movement suggests that more long contracts were opened.
Meanwhile, BTC ETF flows were net negative next week as outflows totalled $652.10Mn.
Outlook
BTC found support within the demand zone on the H4 time frame and has begun a rise (supported by new futures longs). BTC will need to first break above the range high at $99,596.57.
BTC trades at $101,978.76 as of publishing.
Ethereum
Ethereum’s price action was more bullish as it broke above the range formed in the previous week’s trading session. The weekly low and high were $3,293.19 and $3,675.77, respectively. ETH closed last week at $3,637.39.
Similar to Bitcoin’s open interest charts, Ethereum OI reached a weekly low on Jan. 1 and has been rising since as new longs enter the derivatives market.
Meanwhile, spot ETH ETF inflows logged a negative week as $97.00Mn flowed out of ETFs in the US.
Outlook
While the price has broken through the last range high, it must clear the recent high, which is at the $4,096.44 level, to resume a bullish trend. In the interim, a demand level at the $3,500.00 level could serve as liquidity for an upward.
ETH trades at $3,679.36 as of publishing.
Solana
Solana’s price action was bullish last week as it broke above the local range high from the previous week’s trading session. Weekly low and high formed were $185.55 and $219.67.
Open interest in Solana followed a similar pattern as that of Bitcoin and Ethereum, picking up from Jan. 1.
Outlook
Despite failing to break its all-time high, Solana’s trend is bullish. However, the price has logged consecutive lower lows on the H4 time frame and must break the $230 level and then the $260 level to continue its bullish trend.
SOL trades at $218.28 as of publishing.
Ripple
Ripple’s price action improved last week after logging a low of $1.99 and a high of $2.50.
However, price was incongruent with open interest as an increase in long contracts did not buoy the price.
Outlook
Since breaking above the range high and pulling back for liquidity at the last higher low at $2.34, XRP’s price has logged higher highs and lows, climbing towards the next supply zone around $2.72.
XRP trades at $2.44 as of publishing.
