Crypto Weekly
February 17, 2023

Bitcoin hits 6-month high, altcoins soared and the key to a new wave of crypto adoption

Another green weekly candle for the crypto markets in 2023 as bitcoin lead the charge by hitting $25,000 on Thursday. Altcoins quickly followed up for various reasons: launch of a Beta on mainnet, long-term resistance breakthrough or just another tweet from Elon Musk. In the meantime, industry leaders are advocating for a better crypto regulation as things start to heat up again for stablecoins.


  • Bitcoin hit a 6-month high reaching $25,000
  • Another meme-coin surge after Elon Musk’s tweet
  • BUSD and Paxos might be in trouble
  • AI will push the next wave of adoption
  • New layer-2 network launches for Bitcoin

Movers and Shakers

Top 7-Day Gainers:
  1. FLOKI +124.7%
  2. MINA +45%
  3. FIL +42.3%
  4. RNDR +40.9%
  5. LRC +35.3%
Top 7-Day Losers:
  1. NEO -2.6%
  2. FXS -1.5%
  3. PAXG -1.5%
  4. OSMO -1.1%
  5. CAKE -0.8%


Keep track of the next gem with Watchlist

Technical Summary

Bitcoin Pulse

Bitcoin (BTC) made one of its biggest moves in the last 6 months and reached a 6-month high near $25,000. After an overnight drop. Bitcoin price is stabilizing in a tight range between $23.5k and $24k. This sudden surge has triggered more than $90M in liquidations as volatility destabilized both shorts and longs. These big price moves also came with a lot of on-chain activity: 

Bitcoin Micro


  • HTF takeover of BTC affecting LTFs and currently hovering around 1H 50 EMA
  • Taken 4H sell-side liquidity, watching for reactions from fair value gaps and bullish order blocks
  • Waiting to see which path BTC decides to take
  • Possible price retrace into premium or reach discount first before setting up a bullish run
  • Closely monitoring situation.

Given the aggressive HTF takeover of BTC's most recent price, the LTFs are a reflection of that. We are currently hovering around the 1H 50 EMA, the equilibrium of the current price range, and have taken 4H sell-side liquidity. 

We are watching for reactions from multiple sets of fair value gaps and bullish order blocks below us in deeper discount. And we now wait to see which path BTC decides to embark on. 

Will we see price retrace into premium again only to fuel further bearish prices down into discount, or will we see price reach discount first before setting up an LTF bullish run? We will be watching closely.

Bitcoin Macro


  • BTC experienced significant growth this week, with a rapid price increase from $21400 to $25300.
  • The surge was caused by the reduction of bullish order blocks in premium and support from the 200 EMA.
  •  The bullish momentum continued from the start of 2023, but resistance was found above the monthly buy-side liquidity.
  • Selling pressure is expected due to the raiding of monthly buy-side liquidity.
  • The direction of the pressure is uncertain: either pushing prices down to $22,000 or achieving a discount at $20,000. 
  • The daily chart is close to a golden cross, but also in a prime area for a continuation of the bear market.

BTC saw large developments this week, with an aggressive price surge pushing the price from $21400 to the $25300 price level and raiding monthly buy-side liquidity levels.

This aggressive, high volatility move was initiated due to the mitigation of the 1D bullish order block in premium as well as the 200 EMA acting as support. This led to a continuation of the bullish momentum we have been seeing since the start of 2023, with price now finding resistance above the monthly buy-side liquidity, as would be expected. 

Given that the monthly buy-side liquidity has been raided, we would expect some selling pressure to enter the market soon; whether this is to push prices down to the $22,000 price level for continuations of the HTF trend or to achieve a deep discount at the $20,000 psychological price levels remains to be seen. 

Either way, the daily chart is extremely close to the famed golden cross, however, we are in a prime HTF value area for a large continuation of the bear market if this is to be the large shake-out manipulation fueling traders to switch their biases long again, only to catch them out and use them as fuel for a deeper bear market.

Altcoins on the move

There were a lot of movements on the altcoins side this week, first off with FLOKI surging by 124% over 7 days after Twitter’s CEO’s joke. Despite important surges this week, Bitcoin’s dominance increased this week to reach 41%.

  • Following the zkEVM announcement MATIC shot up from $1.16 and is now trading near April 2022 levels. 
  • Despite being in an uptrend, NEO is struggling to break through a long-term descending resistance line.
  • Oppositely, MINA, broke through a long-term resistance line earlier this week, considerably pushing its price upwards.
  • BNB price remains mostly stable and is up by a small 1.5% (compared to ETH 7.6%) over concerns regarding BUSD.

Ethereum Macro


  • ETH reaches interesting levels this week, using 50 and 200 Daily EMAs as support
  • Continues overall bullish trend & mitigated bearish order block associated with 1D buy-side liquidity
  • Daily close signals potential bearish prices but bearish price movements may trigger long trades using $1520 as support
  • Deeper bearish prices may lead to short-lived longs or failure of support zone ($1350 target)
  • Market focused on daily golden crosses and HTF monthly/daily buy-side liquidity levels
  • Potential manipulation patterns raise question of shakeout for deeper bear market prices or shift to bullish

ETH has also reached interesting levels this week, having also used the 50 and 200 Daily EMAs as support to push price into premium territory, continuing the overall bullish trend we have been in. 

We have now mitigated the bearish order block associated with the 1D buy-side liquidity that we raided in early February, and have now gotten a daily close that signals potential bearish prices. Bearish price movements down into the $1520 price levels are likely to trigger long trades using that zone as support. 

Alternatively, if deeper bearish prices are on the cards, we would expect those longs to be short-lived or the support zone to fail, leading to the bearish leg targeting the $1350 price zone. 

However, we must be careful, with the entire market focused on the daily golden crosses; the HTF monthly and daily buy-side liquidity levels being raided, and potential manipulation patterns taking place, it begs the question - is this a potential shakeout for deeper bear market prices, or are we truly shifting bullish. 

As the adage goes - "be fearful when others are greedy and be greedy when others are fearful"

Tweet of the Week

Be sure to join us on Telegram, Discord and Twitter!

Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.

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.

Free Weekly Newsletter

Manage all your crypto assets on the go with zero-gas swaps and a unified portfolio at your fingertips.

Available On Mobile

Disclaimer: Information contained herein should not be construed as investment advice, or investment recommendation, or an order of, or solicitation for, any transactions in financial instruments; We make no warranty or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose. Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation to buy, sell or hold a particular financial instrument; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Quadency, or vice versa. Market information is made available to you only as a service, and we do not endorse or approve it.

Copyright © Quadency Global, Ltd