Bitcoin’s Highest Weekly Close In 9 Months
Binance Research Team
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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
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