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Charts of the Week
Bitcoin Climbs Higher as Analysts Eye $30,000 Target
All eyes are on Bitcoin this week as it edges closer to its $30,000 psychological resistance level. The BTC price trending above the Ichimoku cloud suggests a bullish narrative for the leading digital asset.
From a technical perspective, BTC must cross its last hurdle above the swing high at $29,132 before reaching the aforementioned target.
The decline in trading volume could also indicate that Bitcoin may continue to consolidate and trend sideways before approaching the psychological resistance level at $30,000.
Options Traders Sentiment
By analyzing the volume of call (buy) options versus put (sell) options, traders are able to assess the overall market sentiment. Usually, bullish strategies tend to involve call options, while bearish trading strategies typically involve put options.
From the week starting on March 27, the open interest P/C ratio is above 1 indicating that traders are more inclined towards put options than call options. The P/C ratio of 1.21 on April 02 indicates that the traders are slightly bearish towards Bitcoin.
Source: Binance Options Markets
Bitcoin Hash Rate Spikes In March
Bitcoin hash rate spiked to an all-time-high of 398 TH/S as of March 23 before dropping back to 326 TH/S on April 02.
The hash rate of the BTC network has been increasing since the beginning of 2023 and is currently significantly higher than at the same time last year, measuring at 200 TH/S.
Open Interest Increases
On Binance Futures, the BTCUSDT Open Interest closed the week on April 02 at about 8.96% higher than the previous week ending on March 26.
Traders Are Pessimistic
On Binance Futures, the BTCUSDT Long/Short Ratio closed on April 02 at 0.74 as 57.43% of all Binance Futures accounts with an open position in BTCUSDT are net short, while the other 42.57% are net long.
Singapore’s Crypto Adoption - 43% of the 1,500 Singaporean respondents in a recent survey said they own some amount of cryptocurrencies.
Real-Asset Tokenization Could Surge - A recent research suggests that the tokenization of global illiquid assets, such as equities, bonds, investment funds, and other financial instruments could become a $16 trillion industry by 2030.
Japan Explores Digital Yen - The Finance Ministry of Japan has plans to establish an expert panel in April to explore the feasibility of introducing a digital yen.
Ethereum’s Shapella Upgrade Nears Completion - The Shapella upgrade is set to introduce various new features to Ethereum, which will help reduce transaction fees and introduce proof-of-stake, significantly improving the network’s scalability.
COIN-Margined Contracts - Binance Futures launched Coin-Margined Quarterly 0929 Futures Contracts within a few hours after Coin-Margined Quarterly 0331 Contracts expire and settle at Mar 31, 08:00 UTC.
USDⓈ-M Contracts - Binance Futures launched USDⓈ-M JOE perpetual contract on 2023-03-29 12:00 (UTC) with up to 20x leverage.