LMAX Digital volumes were robust to start the week. Total notional volume for Monday came in at $1.2 billion, 63% above 30-day average volume.

Bitcoin volume printed $799 million on Monday, 69% above 30-day average volume. Ether volume came in at $146 million, 30% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,078 and average position size for ether at $3,117.

Market volatility has trended higher in recent weeks. We’re looking at average daily ranges in bitcoin and ether of $3,512 and $168 respectively.

Bitcoin has run into some resistance ahead of the much talked about $100,000 barrier. The latest attempts to cross the milestone have failed, resulting in what had already been a due period of corrective activity.

As per our technical insights, the outlook remains highly constructive, with the previous record high around $75,000 now acting as formidable support.

We wouldn’t rule out a sharp decline back towards the March high, but at the same time, it’s quite possible renewed demand emerges well ahead of that level, for a higher platform ahead of that next big push through $100,000.

Fundamentally, it’s possible a lot of the euphoria around the promises of the incoming US administration has started to fade.

This has opened some profit taking on a parabolic move in the price of MicroStrategy stock, which could be spilling over into bitcoin sentiment.

But again, we aren’t surprised to see some selling ahead of $100,000 and fully expect there to be plenty of demand on dips as technical studies normalize from extended readings.

On Monday, we highlighted signs of a possible shift in the trend for ETHBTC and in the hours that followed the release of the report, ETHBTC put in a strong performance.

We think there is room for plenty more of this in the days and weeks ahead, especially as optimism ramps up towards alternative tokens beyond bitcoin in a Trump administration.

Looking ahead, we get the Fed Minutes late in the day. The event risk could inspire some volatility in markets, which could then spill over into crypto. So it will be worth keeping an eye.