Charts of the Week

Bitcoin Marks Impressive Weekly Close

  • Bitcoin price has reached a 9-month high at over $27,000 following the recent traditional banking fiasco. BTCUSD is currently reflecting a negative correlation with the US dollar, as it projects a bullish narrative – a cup and handle chart pattern projecting a potential 38% upswing if support is sustained.

  • Analysts are paying close attention to the 200-week Simple Moving Average (SMA), coinciding with the breakout line of the aforementioned chart pattern at $25,309, a crucial level for the bulls to protect for further upside potential.

  • A break below the critical foothold could spoil the bullish narrative, as Bitcoin would search for support at the 61.8% Fibonacci retracement level at $23,069. 

Bitcoin Hashrate And Difficulty

  • Bitcoin network hashrate, which measures how much computing power is given to mine Bitcoin blocks, has reached a new all-time-high in March 2023.

  • Responding to the latest price action, the hash rate continues to climb upwards of 300 EH/s.

Source: Hashrate Index

  • Bitcoin difficulty, which calculates how difficult it is for miners to mine the next block, also continues to peak in March.

  • BTC mining difficulty has increased from 39.35 Trillion in January to 43.55 Trillion in March.

Source: Hashrate Index

Highest Index Score of 2023

  • The latest price action has also changed the sentiment with the highest index score so far in 2023.

  • According to the Crypto Fear & Greed Index, the sentiment now exhibits “Greed” mode with a score of 66/100.

Source: Alternative.me

  • The index showed a similar level score during Bitcoin’s all time high in November 2021. 

Open Interest Rises

  • On Binance Futures, the BTCUSDT Open Interest closed the week on March 19 at about 15.65% higher than the previous week ending on March 12.

Traders Are Pessimistic

  • On Binance Futures, the BTCUSDT Long/Short Ratio closed on March 19 at 0.71 as 58.57% of all Binance Futures accounts with an open position in BTCUSDT are net short, while the other 41.43% are net long.

News Roundup

  • Crypto Flourishes In Vietnam - A new study estimated that 16.6 million Vietnamese had purchased cryptocurrencies while another research placed Vietnam as the world’s cryptocurrency adoption leader, with a score of 1.000.

  • BTC Dominance To 9-Month High - Bitcoin’s market cap has reached $520 billion and its dominance over the altcoins has reached its highest levels since June 2022 at over 45%.

  • UAE Strengthens Its Positions As Web3 Hub - UAE’s largest free-trade zone announced partnerships with leading South Korean blockchain and metaverse platforms to strengthen the country’s position as the crypto hub.

  • BTC Outperforms Top Wall Street Bank Stocks - Bitcoin has decoupled from U.S. stocks for the first time in a year and with its 66% year-to-date (YTD) growth, it is vastly outperforming top Wall Street bank stocks.

Highlights From This Week

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