You can find today’s edition of “Daily Market with JrKripto”, where we compile the most important developments in global and local markets, below. Let’s analyze general market conditions together and review the latest insights.
Bitcoin (BTC) is currently trading at $110,600. The long-term uptrend that began at $75,930 gained momentum after breaking through the $101,059 and $104,000 resistance levels, and as of today, BTC has reached $111,880, setting a new all-time high (ATH). The slight pullback following this new peak can be seen as a natural profit-taking movement. If the upward momentum continues, potential resistance levels to watch are $114,500 and $118,300. In downward corrections, the first support is at $108,000; below that, $104,629 and $101,059 stand out as key support zones. Maintaining stability above $108,000 is critical for BTC to sustain its bullish trend.
Ethereum (ETH) is currently trading at $2,665. The strong rally from $1,486 has accelerated with the breakout of the $2,453 and $2,595 resistance levels. With current pricing, ETH’s next potential targets are $2,800 and $2,981. In possible correction scenarios, the first support level will be $2,595. If this level breaks, $2,453 and $2,095 are the next support areas to watch. To maintain upward momentum, ETH needs to hold above $2,595.
Crypto News
- Binance to list World Liberty Financial USD (USD1)
- Senator Cynthia Lummis said Americans are ready to update U.S. gold reserves with Bitcoin
- SEC approved in-kind redemptions for BlackRock's Spot Ethereum ETF
- The Texas House of Representatives officially passed the Strategic Bitcoin Reserve Act SB21
- WLD raised $135 million from Andreessen Horowitz and Bain Capital Crypto to fund network expansion
- Bitcoin breaks its all-time high with a new record
- Tether minted $2 billion USDT
Top Gainers:
- SPX → Up 25.1%, now at $0.92172304
- DOG → Up 24.8%, now at $0.00452217
- FARTCOIN → Up 21.0%, now at $1.56
- WIF → Up 20.6%, now at $1.16
- POPCAT → Up 19.8%, now at $0.53627774
Top Losers:
- OM → Down 3.2%, now at $0.4199871
- KAITO → Down 2.3%, now at $2.10
- FRAX → Down 1.8%, now at $3.65
- DEXE → Down 1.1%, now at $12.61
- BTSE → Down 0.5%, now at $1.51
Fear & Greed Index:
- Bitcoin: 71 (Greed)
- Ethereum: 60 (Greed)
Dominance:
- Bitcoin: 64.21% ▼ 0.13%
- Ethereum: 9.16% ▲ 0.81%
Daily Total Net ETF Inflows
- BTC ETFs: $607.10 million
- ETH ETFs: $1 million
Global Markets
Concerns over tax cuts in the U.S. and the resulting budget deficit led to weak demand in the bond market and selling pressure in equity markets. Particularly, the weak demand for the 20-year U.S. Treasury auction caused a sharp increase in yields. While these budget concerns create short-term pressure, a potential corporate tax cut in the future could support U.S. equities.
U.S. stock indexes started the day lower, attempted to recover during the session, but fell again after the Treasury auction and ended the day with losses. The 20-year bond yield came in at 5.04%. The 2-year yield rose by 5 basis points, climbing above 4.00%, while 10- and 20-year yields rose by 11 basis points.
As a result:
- S&P 500 fell 1.61%
- Dow Jones fell 1.91%
- Nasdaq fell 1.41%
10 of the 11 major sectors in the S&P 500 closed negative. The only sector in the green was telecommunications, with a 0.67% gain. The steepest losses were in real estate (-2.63%), healthcare (-2.37%), financials (-2.05%), and infrastructure (-1.91%).
Today’s economic data includes:
- S&P Global PMI
- Home sales data
- 10-year TIPS (inflation-indexed bonds) auction
U.S. index futures are showing a flat trend in early hours, while European futures and Asian markets display a selling bias. European markets are also expected to start the day weak.
Top Companies and Stock Prices
- Microsoft (MSFT) → $3.36T market cap, stock price $452.57, ▼ 1.22%
- NVIDIA (NVDA) → $3.21T market cap, stock price $131.80, ▼ 1.92%
- Apple (AAPL) → $3.02T market cap, stock price $202.09, ▼ 2.31%
- Amazon (AMZN) → $2.14T market cap, stock price $201.12, ▼ 1.45%
- Alphabet (GOOG) → $2.05T market cap, stock price $170.06, ▲ 2.87%
Borsa Istanbul
The BIST 100 index failed to break through the 9750–9800 resistance range for four consecutive days last week and fell slightly below 9400 amid continued capital outflows. Short-term indicators show weakening momentum, and the weak outlook in global markets is adding pressure on BIST.
In this context, the 9200–9250 range is the first key support zone. On the upside, 9500 is the critical resistance.
Following weak Q1 2025 earnings, analysts revised their BIST 100 target price downward. The new 12-month target average is around 13,800, implying a 47% potential return. However, the lack of strong catalysts to realize this potential reinforces the view that “a stock market that can’t rise, falls,” bringing the 9000–9100 zone back into focus.
Today, attention in Türkiye is on the CBRT’s second Inflation Report of the year. In February, the central bank raised its 2025 year-end inflation forecast from 21% to 24%, while maintaining the 2026 forecast at 12%. The report will be released at 10:30 AM. Key data releases today also include:
- Manufacturing capacity utilization rate
- Real sector confidence index
- Sectoral confidence indices
Meanwhile, the Treasury has authorized Bank of America, BNP Paribas, HSBC, and Morgan Stanley for a new 2032 dollar-denominated bond issuance abroad. According to Bloomberg, the issue totals $2 billion with a yield of 7.45%. This brings the total international issuance for the year to $4.5 billion.
Yesterday, the BIST 100 dropped for the second day in a row, closing down 1.2% at 9398 points. It is still up 3.5% for the month but down 4.4% year-to-date. Energy and REIT stocks slightly outperformed, while Turkish Airlines, Pegasus, Koç Holding, and Ereğli weighed on the index. Retail stocks also saw continued selling pressure.
Technically, the close below 9475 signals continued weakness. Immediate support levels are at 9331–9233, with stronger support at 9148–9044. If the downward move persists, 8984 will be the next level to watch. On the upside, a close above 9475 is needed for recovery. Key resistance levels are:9475, 9740–9760, 9895, and 9953.
A stabilization attempt may be seen today after two days of decline.
Top Companies by Market Cap on Borsa Istanbul
- QNB Finansbank (QNBTR) → ₺893.61B market cap, ₺265.00 per share, ▼ 0.66%
- Aselsan (ASELS) → ₺606.48B market cap, ₺131.60 per share, ▼ 1.05%
- Garanti Bank (GARAN) → ₺467.04B market cap, ₺113.50 per share, ▲ 2.07%
- Turkish Airlines (THYAO) → ₺386.06B market cap, ₺280.25 per share, ▲ 0.18%
- Koç Holding (KCHOL) → ₺383.93B market cap, ₺150.50 per share, ▼ 0.59%
Precious Metals & Exchange Rates
- Gold: ₺4172
- Silver: ₺41.52
- Platinum: ₺1337
- USD/TRY: ₺38.83
- EUR/TRY: ₺44.04
See you again tomorrow with the latest updates!
