Charts of the Week

Bitcoin in Trajectory to Aim Higher But One Warning Sign Remains

• Bitcoin price has projected a saucer bottom pattern on the 3-day chart, an indication that is usually in favor of the bulls. If it manages to slice above the breakout line at $28,486, BTC could target bigger aspirations.
• From a technical perspective, analysts have also noted that the market should stay cautious, as the Relative Strength Index (RSI) displays a decline in strength – indicating a bearish divergence. Should the bearish scenario take place, Bitcoin would test the first level of support at the 78,6% Fibonacci retracement level at $26,077, then at the 61.8% Fibonacci retracement level at $23,800.
• Only if the aforementioned footholds fail to act as a line of defense for BTC, then additional support may appear at $20,601, where the 50 and 100 three-day Simple Moving Averages (SMAs) converge.

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 20, the put-to-call ratio indicated bullish market sentiment till March 25, on which it displayed a ratio of 1.14 suggesting traders are more inclined towards put options before finally closing the week with a ratio of 0.50 on March 26 indicating traders favor call options.

Index Score Continues To Remain In “Greed” Zone

• After the BTC rally, the Crypto Fear and Greed Index shifted from “Neutral” to the “Greed” mode and it has been in the same zone throughout the last week.

Open Interest Declines

• On Binance Futures, the BTCUSDT Open Interest closed the week on March 26 at about 8.77% lower than the previous week ending on March 19.

Traders Are Neutral

• On Binance Futures, the BTCUSDT Long/Short Ratio closed on March 26 at 0.94 as 51.65% of all Binance Futures accounts with an open position in BTCUSDT are net short, while the other 48.35% are net long.

News Roundup

• Gucci Dives Into Web3 - Partnering with Yuga Labs, Gucci explores the intersection of fashion and the metaverse diving deeper into the world of blockchain.
• Nasdaq’s Crypto Custody Services - Nasdaq plans to roll out its custody services for digital assets such as Bitcoin by the end of Q2 2023, joining other large financial firms that offer custodian services.
• Sony’s NFT Framework - Sony Interactive Entertainment has filed a patent for a framework allowing users to transfer and utilize nonfungible tokens (NFTs) across multiple game platforms.
• BTC Mining Difficulty Jumps - Bitcoin’s mining difficulty level rose 7.56% on Friday, hitting an all-time high along with the network’s hashrate.

Highlights From This Week

Gain Insights From Our Latest Content

• USDⓈ-M Contracts - Binance Futures launched USDⓈ-M ARB Perpetual Contract with up to 50x leverage, ID perpetual contract with up to 20X leverage, and BTC & ETH Quarterly 0630 futures contracts.
• 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.