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. 

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.

Source: YCharts

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.

News Roundup

  • 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.

Risk Warning: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial or investment advice, nor is it intended to recommend the purchase of any specific product or service. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. For more information, see our Terms of Use and Risk Warning.