Benefiting from a rebound in macro risk appetite and the new highs of major cryptocurrencies, SPELL has remained in a range-bound oscillation (0.000158–0.000168), with some profit-taking observed after breaking out to 0.0001997, indicating that short-term momentum is constrained by the 0.000180 resistance. In the short term, it is necessary to monitor the performance of major assets and pay close attention to the support level at 0.000160. If market risk appetite continues to improve and major coins make further breakthroughs, SPELL could restart an upward move based on the range support. It is recommended to adjust medium-term positions flexibly around key support levels, while maintaining a range-trading strategy for short-term operations.

Recently, the easing of geopolitical tensions, combined with expectations of a hawkish Fed, has triggered fluctuations in global risk assets. Although hawkish central bank signals may suppress liquidity in the medium to long term, in the short term, declining risk aversion has pushed both equities and digital assets to rebound simultaneously. With Bitcoin and Ethereum leading the gains, market risk appetite has increased, favoring capital rotation into small- and mid-cap tokens. However, macro uncertainties remain, and short-term style rotations may intensify market volatility. Attention should be paid to repeated sentiment shifts driven by fluctuations in the US Dollar Index and US Treasury yields.

BitMart Research Weekly highlights easing US-Iran tensions and a hawkish shift in the Federal Reserve, driving a rebound in risk assets including crypto. US stocks, especially AI-related sectors, show strong recovery amid geopolitical risks. Inflation data signals potential upward pressure if oil prices stay high. Crypto markets follow US stocks with BTC and ETH leading, while altcoins remain volatile. Institutional inflows into Bitcoin ETFs and MicroStrategy’s increased BTC holdings indicate long-term confidence.

BitMart Research Institute Weekly Hotspot Analysis: US-Iran Easing Combined with Fed's Hawkish Shift, Crypto Market Follows Rebound to Form a Bottom

Recently, Bitcoin broke above $74,000 and tested the volatility trigger near $75,000, further clarifying crucial resistance and support zones. If the negative gamma effect around $75,000 is breached, it may accelerate price gains and increase market activity; conversely, a pullback could amplify downside momentum. The positive gamma range ($80,000–$80,600) is relatively calm in terms of volatility, which helps stabilize sentiment. This trend in major assets both attracts inflows into high-yield alternative assets and tests the market's short-term chase tolerance, creating a temporary linkage effect for small-cap assets like SPELL.

Bitcoin has surpassed a four-week high, rising above $74,000. Analysts identify $75,000 as a critical "volatility release point," where derivative market negative gamma effects may amplify price fluctuations. This level coincides with Bitcoin's 100-day moving average, a key resistance in January. Breaking $75,000 could accelerate an uptrend, while a pullback may increase downward pressure. The $80,000–$80,600 range is a positive gamma zone with lower volatility, and the 200-day moving average at $87,519 serves as a long-term reference.

Analysis: Bitcoin breaks four-week high, key price range may intensify market volatility

Since mid-March, SPELL has been oscillating in the 0.000158–0.000168 range, with overall trading volume declining but occasional bursts in daily volume. On April 16–17, a surge in both price and volume pushed SPELL to a high of 0.0001997, but it quickly retreated and closed with a long upper shadow at 0.0001752, highlighting short-term profit-taking by bulls. Key support currently lies at 0.000160, while special attention should be paid to whether the 0.000180 resistance can be firmly broken. Given the continued market hype triggered by Bitcoin's frequent rallies, SPELL may keep oscillating short-term, while a new medium-term rebound requires both improving sentiment in major assets and a stable range support.

Spell

It’s not a given that the European Central Bank’s next move on interest rates will be a hike, according to Governing Council member Martins Kazaks.

Kazaks: Will not oppose bets on two interest rate hikes this year

Waller: Rapid resolution of the Middle East situation may allow for interest rate cuts later this year.

Waller: Overall PCE inflation year-over-year in March may reach 3.5%

The Federal Reserve's Waller expressed caution regarding interest rates, warning of the risks of prolonged warfare.

Fed's Daly: Rates May Remain Unchanged

Daly: The federal funds rate is slightly above the neutral level of 3%.

UBS Expects 50 bps Fed Rate Cuts as Gov Miran Downplays Inflation Risks

Federal Reserve's Daly: On hold regarding interest rates.

Easing tensions in the Middle East combined with rising expectations of interest rate cuts have pushed gold close to $4,900.

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SPELL price today is 0.00, with a live price change of 5.46 in the last 24 hours. Convert, buy, sell and trade SPELL on Bybit-eu.

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