Bitcoin Finds Support At Around $22,000

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Charts of the Week

Bitcoin Drops 7% Following Silvergate Crisis

  • Bitcoin has experienced a 7% sell-off since March 2, following the Silvergate bank crisis – in which the financial institution witnessed a $1 billion loss. 

  • Despite the bearish sentiment Bitcoin has been able to discover support above the 23.6% Fibonacci retracement level at $22,266. Should selling pressure continue to increase, BTC would look for the next foothold at the swing low, at $21,346. 

  • BTCUSD could continue battling resistance at the 38.2% Fibonacci retracement at $22,834, then at the 50-day Simple Moving Average (SMA) at $22,949. 

Healthy Network Adoption

  • The number of new addresses for Bitcoin has been steadily increasing since the start of the year.

  • Moreover, the 30 day monthly average of new addresses is above the yearly average underlining improving network fundamentals, and growing network utilization.

Back To “Neutral” Zone

  • According to the Crypto Fear & Greed Index, which jumped from “Neutral” zone to “Greed” zone around February 16 has returned back to “Neutral”

  • At around 48/100, the index has returned to its mid-January levels, obliterating signs of bullish sentiments.

Source: Alternative.me

Open Interest Falls

  • On Binance Futures, the BTCUSDT Open Interest closed the week on March 5 at about 6.76% lower than at the beginning of week on February 27.

Traders Are Optimistic

  • On Binance Futures, the BTCUSDT Long/Short Ratio closed on Sunday, March 5 at 2.1 as 67.71% of all Binance Futures accounts with an open position in BTCUSDT are net long, while the other 32.29% are net short.

News Roundup

  • India’s CBDC Update - India’s upcoming CBDC would be used as a substitute for cash in the country as it satisfies all the attributes of its physical form of legal tender.

  • Shanghai Upgrade Pushed To April - The release of Shanghai hard fork expected to bring significant changes to the Ethereum blockchain has now been pushed to early April.

  • NFT Trading Volume Hits $2B - NFT trading volumes reached $2 billion in February – the highest number since before the meteoric crash of Terra in May 2022.

  • Surge In Ethereum Holdings - Ethereum addresses holding more than 1+ ETH has reached a new one-month high indicating growing accumulation of the cryptocurrency.

Highlights From This Week

New Symbol Zones

Binance Futures has added two new symbol zones: Dragon and ETH Upgrade on the platform.

New Listings

  • USDⓈ-M Contracts - Binance Futures launched USDⓈ-M PERP perpetual contracts with up to 20X leverage.

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Bi-monthly Advanced Technical Report March 6

Catch market analysis including the impact of Silvergate Bank crisis, supply of Ethereum on exchanges, and Bitcoin’s price action in the latest issue of bi-monthly advanced technical report.

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