Crypto Weekly
March 17, 2023

BTC highest in 10 months, TradFi and Crypto decoupling, DEX ATH Volumes.

Hold on tight because the crypto market has been buzzing with activity! From Circle's USDC volatility lifting Bitcoin's Coinbase premium to a 3-year high to decentralized exchanges posting record daily volumes. Senator Elizabeth Warren also made waves, coming under fire for instigating the SVG bank run. But there’s more Solana launched their payment platform just as the Cardano ecosystem unveiled the Mithril prerelease. Meanwhile, Bitcoin whales accumulated over $821 million during a dip right as we saw hit the highest prices in 10 months.


  • Circle's USDC volatility lifted Bitcoins Coinbase premium to 3-year high
  • Decentralized exchanges post record $25B daily volume as USDC depegged
  • Senator Elizabeth Warren comes under fire for instigating SVG bank run
  • Solana launches payment platform Worldline, while Cardano ecosystem unveils Mithril
  • Bitcoin whales accumulated $821.5 million during the dip

Movers and Shakers

Top 7-Day Gainers:
  1. CFX +132.39%
  2. STX +103.93%
  3. IMX +78.31%
  4. AGIX +74.94%
  5. WOO +50.48%

Top 7-Day Losers:
  1. HNT -14.38%
  2. BONE -13.77%
  3. FLR -2.04%
  4. MKR -1.10%
  5. LEO -0.54%


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Technical Summary

Bitcoin Pulse

Shocking most traders we saw a decoupling of tradFi and crypto with BTC and ETH surging as bank stocks plummeted. BTC accumulation rose with whales accumulating $821.5 million during the dip, despite crypto fund outflows hitting an all-time high last week, As if that wasn't enough.

Bitcoin Micro


  • LTFs diverge and revert to 1H 50 EMA support
  • Price raiding on LTF sell-side liquidity fuelled upward momentum
  • Anticipation for continued bullish prices or retracement to $25,000 range
  • Price trend may continue upward or potentially raid 1D sell-side liquidity
  • Higher time frames may see premium prices

The LTFs tell the same story this week, continually diverging and then reverting to the 1H 50 EMA, where support was found. We saw price raiding on LTF sell-side liquidity act as the fuel to push higher as we continued past Tuesday's initial high. 

Moving forward, we anticipate either continued bullish prices deeper into the higher time frames premium prices or a retracement into the $25,000 range, where price will either continue this higher time frame trend or start to push lower, potentially raiding 1D sell-side liquidity. 

Bitcoin Macro


  • BTC and ETH saw a strong week of price action moving from $20k to almost $27k
  • BTC found support at the bullish order block below $20k
  • Price bounced back above daily 50 and 200 EMAs, avoiding a death cross
  • Bearish news around SVG and Silvergate led to sell-side liquidity raiding before BTC acted as a safe haven asset

What a week across BTC and ETH this week! Just as forecasted last week, we saw price find support at exactly the bullish order block in discount we had highlighted just below the $20k psychological level!

After price found support, we rocketed back above the daily 50 and 200 EMAs, stopping a potential death cross from taking place, which led to a further divergence between both EMAs, which would have been seen as a bullish signal by traders.

The bearish news around SVG and Silvergate led to the raiding of sell-side liquidity as price sought support. We can see BTC acting as a flight to safety risk-off asset in this scenario, leading to a move from sub-$20k to almost $27k this week. 

Moving forward, as we now form a new bullish trend, we look to see if price continues higher or if we get a retracement down into the $23,000 price level before a reversal or continuation.

Altcoins on the move

Ethereum followed suit making waves of it’s own with deflation hitting a record high, whales accumulating $600M in ETH, and the currency up 15% over the last few days, it looks like the two goliaths of the crypto space are acting as risk off safe havens in the ecosystem amidst stablecoin concerns.

ETH macro


  • ETH slightly less bullish than BTC during market volatility
  • Strong bullish reaction after testing price range since Nov 2022
  • ETH failed to reach $1351 and reached $1760 over the week
  • The move stopped daily death cross from taking place as 50 EMA started to revert to 200 EMA
  • ETH could retrace into EMAs, find support for continued bullish prices or fail to find support for further bearish prices

ETH followed suit as usual, albeit slightly less bullish in comparison to BTC during a time of market volatility from macroeconomic drivers. Similar to BTC, after raiding 1D sell-side liquidity and testing the equilibrium of the price range we had been in since November 2022, we saw a strong reaction and moved bullish.

The bullish intent was so strong that we failed to reach the bullish order block at $1351 and instead rocketed to $1760 over the week. This aggressive bullish move stopped what could have been a daily death cross from taking place as the 50 EMA had started to revert into the 200 EMA. 

Now that we are above both the 50 and 200 EMA, price could retrace into it, either finding support for continued bullish prices or failing to find support here for further bearish prices. Alternatively, if the bulls are aggressively still in control, a push higher into the $1880 bearish order block would look likely.

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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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