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.
The world of cryptocurrency had lots in store for us this week. SVG bank and Silvergate failures led to the rise of Circle’s USDC volatility lifting Bitcoins Coinbase premium to 3-year high while at the same time Tether’s dominance hitting its highest point in 18 months. Crypto funding saw big shifts from CeFi to DeFi, with DEX’s posting a record $25B daily volume as USDC depegged. And it's not just the big players making moves - Ethereum whales recently moved over $357M in ETH, while Vitalik Buterin's first NFT collection netted over $7.3M in sales. Finally watch out, as Arbitrum gears up to airdrop 1B ARB!
Tech releases were just as hot this week with Solana launching their payment platform Worldline, bringing a global payment solution to web3, while the Cardano ecosystem has unveiled the Mithril prerelease. Coinbase also joined the action, adding DeFi apps Uniswap and Aave to its base blockchain. But it's not just about finance – Script Network is accelerating to public launch of their decentralized TV platform, offering exciting new possibilities. But don't forget about the metaverse, South Korea doubled down on the metaverse with a $51M investment. Get ready for the future, because it’s already here!
We saw lawmakers revive the 'Keep Innovation in America' act to prevent a potential crypto exodus this week alongside the EU passing a data act which included smart contract regulation which saw European politicians contemplate building their own blockchain. The Blockchain Association also made strides outlining principles for stablecoin legislation. Meanwhile, US Senator Gillibrand has announced plans to release a crypto bill draft in April which the market waits on.
Africa led the way for adoption with solutions like Machankura boosting African bitcoin adoption, even without internet access. The Nigerian president-elect aims to use blockchain technology to revolutionize the banking sector. And with partnerships between the African-based web3 platform and UniPass, crypto adoption is set to increase even further across the continent. But it's not just Africa that's embracing new technology. We saw big names like Sesame Street launching its first NFTs with VeVe, Lego is preparing a metaverse collaboration with Epic Games.
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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.
tl/dr:
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.
tl/dr:
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.
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.
tl/dr:
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.
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.
tl/dr:
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.
tl/dr:
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.
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.
tl/dr:
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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