Crypto Weekly
May 19, 2023

Peter Thiel backs crypto startup, XRP acquisitions and BNB Chain Dex Volumes

This week saw Peter Thiel backing bitcoin startup River in $35M Round, just as ripple acquired custody firm Metaco for $250M. We also saw that the weekly DEX volume on the BNB chain hits a year-high. Galaxy traded the first fully blockchain-settled OTC option and on twitter Elon Musk’s DogeDesigner retweet boosts Dogecoin and AiDoge’s potential


  • Peter Thiel Backs Bitcoin Startup River in $35M Round
  • Ripple acquires Swiss custody firm Metaco for $250M
  • Weekly DEX volume on BNB Chain hits year-high.
  • Galaxy trades first fully blockchain-settled OTC option
  • Elon Musk's DogeDesigner retweet boosts Dogecoin and AiDoge's potential.

Movers and Shakers

Top 7-Day Gainers:
  1. RNDR +37.30%
  2. MASK +22.81%
  3. CFX +21.81%
  4. LDO +20.61%
  5. PEPE+ 18.65%

Top 7-Day Losers:
  1. BSV -7.69%
  2. XDC -5.52%
  3. KLAY -3.48%
  4. CSPR -2.37%
  5. KCS -2.19%


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Technical Summary

Bitcoin Pulse

RHODL (realized value HODL waves) has reached the same position as the start of the last two major bitcoin bull markets, whereas volatility, measured by ATR, has dropped by a remarkable 31% since March 23rd. While BTC dominance is on the rise, with a 5% increase Year-to-Date just as Bitcoin whales have been on the move, transferring a staggering $627M worth of BTC to two unknown wallets from Coinbase. On another note, whales holding 1k-10k BTC have accumulated an impressive 84,897 BTC ($2.3B) in the past 5 weeks

Bitcoin micro


  • Price hovers sideways after retracement, signaling accumulation.
  • Potential for an upside breakout to reclaim premium prices.
  • Possibility of a downside break towards the $26k region.
  • $26k region offers areas of support due to an extreme bullish order block.

The LTFs tell us the same story, with price hovering sideways after a retracement off of last week's low. We saw price move higher, but it has since moved sideways, breaking above and below the 1H 50 EMA, signalling accumulation. 

Moving forward, we would expect either a break to the upside, leading price to reclaim premium prices, or we break lower down into the $26k region, where price could come into areas of support given the extreme bullish order block positioned there.

Bitcoin Macro


  • BTC retraced, testing the underside of the daily 50 EMA after breaking below it for the first time since March.
  • Support is expected around $24.6k, aligned with the daily 200 EMA and bullish order block.
  • A bullish push above the 50 EMA could lead to reclaiming the $30k psychological level.
  • Further bullish prices may be possible if the bullish momentum continues.

BTC retraced this week, retesting the underside of the daily 50 EMA after breaking below it for the first time since March. With price hovering around $26k a bearish push down to $24.6k coinciding with the daily 200 EMA and bullish order block is likely where support will be found in the short to mid term. 

Alternatively, a bullish pushback above the 50 EMA could lead to reclaiming the $30k psychological level once again, with potentially further bullish prices on the cards. 

Altcoins on the move

The crypto market is showing signs of a potential regime change as the BTC/ETH correlation reaches its weakest point since 2021, signaling new dynamics and opportunities for traders and investors. In a remarkable turn of events, Coinbase witnessed a massive inflow of 53,400 ETH, highlighting the growing interest and confidence in this digital asset. Ethereum continues to make headlines with its all-time high staking contract, boasting a staggering 19.3M ETH staked on its blockchain. However, no journey is without its bumps, as the ETH blockchain faced temporary issues in finalizing certain transactions this week, resulting in short-lived disruptions.

ETH macro


  • ETH reacts to a 4H order block at $1740, encountering resistance at the daily 50 EMA.
  • Bearish movement expected towards $1650, meeting the daily 200 EMA and a bullish order block.
  • Alternatively, a break above the 50 EMA may lead to a push towards the $2k price range.
  • Exciting possibilities lie ahead for ETH's price action!

As usual, ETH followed suit this week, after reacting to a 4H order block at $1740. Since then price has found resistance at the daily 50 EMA after successfully breaking below it for the first time since March 15th. 

Moving forward, we would be looking for price to continue moving bearish into the $1650 price range, where it would meet the daily 200 EMA as well as the bullish order block at the equilibrium of the wider price range.

Alternatively, a break back above the 50 EMA and a push into the 2k price range could be 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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