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.
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.
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
Join Binance Futures Official Discord
Join the Binance Futures and Options Discord Channel and be the top active members to share 5000 USDT and exclusive Binance Swag. More details here.
Gain Insights From Our Latest Content
Six Strategies to Minimize Liquidation Risks in Crypto Futures
Traders often face liquidation in crypto futures. This is why having a strategy in place is crucial, especially when trading with leverage in futures.
In this article, you will learn how to apply different tools and strategies to minimize liquidation risks in futures trading.
Multi-Assets Mode - Binance Futures will support $TUSD and $USDP as margin assets in the Multi-Assets Mode from March 20.
Options - Binance Options will launch BTCUSDT and ETHUSDT Quarterly Options on 2023-03-16 at 08:00 (UTC), with an expiry date of 2023-06-30.
Disclaimer: This platform includes third-party opinions. We do not endorse their accuracy. Digital asset prices can be volatile. Do your own research. See full terms here and our risk warning here Binance Futures products are restricted in certain countries and to certain users. This communication is not intended for users/countries to which restrictions apply.