Crypto Weekly
March 3, 2023

Bullish Bitcoin metrics, Japan leads on adoption and Yuga-Labs enters Bitcoin NFTs.

This week had some interesting new tech releases in the form of Yuga Labs Bitcoin NFTs, Web3 gaming by Unity games, and the launching of a new CEX killer by Koii Labs and Idexos. Markets made significant moves to end the week after a slow consolidatory start, while some altcoins like NEM and Xmon Tokens had large volatile moves. Regulatory pressures continued this week with Coinbase CEO Brian Armstrong chiming in. Let's dive in!


  • Adoption of crypto is growing, with Japan and Brazil leading the way 
  • New tech updates dominated the space from projects like Yuga Labs and Metamask
  • Positive developments in crypto regulation with the Europan commission launching its regulatory sandbox
  • BTC and ETH markets experienced significant moves, consolidating above the 1D EMA
  • Altcoins such as NEM and Xmon Tokens saw price moves, with a 17.4M ETH unlock coming soon

Movers and Shakers

Top 7-Day Gainers:
  1. MKR + 25.39%
  2. SSV +18.46%
  3. YFI +15.14%
  4. CSPR +13.01%
  5. STX +8.84%
Top 7-Day Losers:
  1. CFX - 29.07%
  2. KLAY -19.84%
  3. HBAR -19.30%
  4. FIL -18.86%
  5. ZEC -17.09%


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Technical Summary

Bitcoin Pulse

Bitcoin continued to hover around the $24,000 price level this week, before aggressively breaking lower toward the 1D 50 EMA while on-chain metrics signaled bullish signs. We saw Accumulation address, Average Block Size, and Lightning Network transactions reach all time highs across the board. But caution may be needed as $710M BTC options expire

Bitcoin micro


  • LTFs show how price raided stops above and below short-term highs and lows before testing the bearish trend. 
  • Price broke below the 1H 50EMA and moved aggressively bearish. 
  • Liquidity will be drawn in again, leading to a likely bullish retracement to meet the 1H 50 EMA. 
  • Alternatively, there could be a push lower to mitigate bullish order block or raid sell-side liquidity.

The LTFs tell the HTF story perfectly, we can see how price continued to raid stops both above and below short-term highs/lows before testing the equilibrium of the bearish trend we had formed. 

We then saw price break below the 1H 50EMA and move aggressively bearish, targeting the closure of 1H fair value gaps and the mitigation of bullish order blocks in deep discount. 

We would now expect some form of relief to ensue as price starts the cycle of drawing in liquidity once again. From here a bullish retracement to meet the 1H 50 EMA would seem probable. Alternatively, a push lower to mitigate the extreme bullish order block or raid the 1D sell-side liquidity could be on the cards.

Bitcoin Macro


  • BTC broke lower this week, targeting the 1D 50 EMA as support.
  • Price consolidated generating liquidity on both sides before plummeting to $21,700.
  • Support was found at the bullish order block at the extreme of the daily range.
  • We expect price to either find support and make a bullish move or ema's to fail as support and crash lower.
  • This could lead to targeting the discount of the wider monthly range.

BTC hovered around the $23,500 price level this week, before finally breaking lower, targeting the 1D 50 EMA as support. 

We saw price consolidate throughout this week, generating liquidity on both the bullish and bear sides of the market, before price plummeted to $21,700, finding support at the bullish order block at the extreme of the daily range we have been within.

Along with the 1D 50 & 200 EMA, we would expect price to either find support leading to a bullish move, which could be short- or long-term, time will tell, or we will see the ema's fail to act as support as we crash lower raiding 1D sell-side liquidity targetting discount of the wider monthly range. 

Altcoins on the move

ETH’s on-chain data signalled an uptick this week with addresses holding 32 ETH or more improving from January’s low according to Glassnode. However with 17.4M ETH unlock soon to take place, market analysts are signalling a potential 25% correction. We also saw binance burn 8.8B LUNC after the Terra Classic V1.1.0 upgrade went live. 

ETH macro


  • ETH's price was heavily influenced by BTC's price this week, with consolidation and bearish volatility observed.
  • Price consolidation occurred above the 1D 50 EMA, which was tested below recently.
  • The manner of the closure of the price wick or body will indicate the underlying bullish/bearish pressures.
  • The $1510 price level is the next area of focus, which acts as support and a deep discount of the 1D range, and a bullish rally is expected.
  • Alternatively, sellers may position themselves for a short-term play by targeting a retracement to the $1710 price range.

ETH was driven heavily by BTC's price this week, as we also saw consolidation take place throughout the week, finally being met with bearish volatility to the end of the week. 

Price had been consolidating atop the 1D 50 EMA, which we have seen price now test below. Whether we get a wick closure or body closure will be telling as to the underlying bullish/bearish pressures that have a hold on the current price. 

Moving forward, we look to the $1510 price level, which sits just below this EMA cluster and acts as support at deep discount of the 1D range, where we would expect a bullish rally of sorts to ensue. Alternatively, a retracement up into the $1710 price range would be ideal for sellers to position for a short-term play at a minimum. 

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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.

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