Crypto Weekly
March 24, 2023

$1M Bitcoin bet, crypto wallets go mainstream and the new AI in town!

This week saw twitter on fire with former Coinbase CTO Balaji Srinivasan placing a $1M bet on Bitcoin's success as BTC market cap has grown a staggering 60% in 2023, hitting $28k this week. Meanwhile, Wall Street banks have lost an eye-watering $100 billion. Additionally, EOS Network Ventures has committed $20 million to DApp and game development, and JP Morgan is set to pilot dollar blockchain accounts in India, while Microsoft Edge introduces its built-in crypto wallet. Google ends the week with the anticipated release of their AI Bard!


  • Former Coinbase CTO Balaji Srinivasan takes to twitter to place $1M bet on Bitcoin
  • Bitcoin market cap grows 60% in 2023 hitting $28k while Wall Street banks lose $100B
  • EOS Network Ventures commits $20M to DApp and game development
  • JP Morgan to pilot dollar blockchain accounts in India; Microsoft Edge's built-in crypto wallet
  • Mean gas price for ETH at a one-month low; token swaps increase to $871 million

Movers and Shakers

Top 7-Day Gainers:
  1. MASK +35.83%
  2. FLR +17.34%
  3. XDC +14.68%
  4. XRP +14.33%
  5. NEXO +11.63%

Top 7-Day Losers:
  1. ARB -87.83%
  2. IMX -16.68%
  3. KAVA -16.53%
  4. HT -14.84%
  5. OP -14.10%


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Technical Summary

Bitcoin Pulse

Holding Bitcoin has been a profitable affair for as much as 88.5% of the days it has existed. This news comes on the heels of non-zero balance wallets reaching a total count of 44.7 million. Bitcoin inscriptions have also reached half a million, resulting in miners raking in millions. Meanwhile, Bitcoin futures have hit a yearly high of $12 billion, and Bitfinix saw $650 million in BTC flows in two large transactions. The options markets have also flipped bullish, as BTC rallies

  • This week saw Bitcoin futures open interest hit a yearly high of $12B
  • While we saw $650M in BTC flows into Bitfinex in two large Transactions
  • Bitcoin options markets flip bullish as BTC rises

Bitcoin micro


  • Hourly chart shows repeated raiding of 1H sell-side liquidity to fuel the next trend high
  • Price closed monthly fair value gap with aggressive sell-off during FED rate announcement
  • Price found support at next immediate bullish order block and recovered to test $28,800
  • Moving forward, continuation of the trend or bullish move into $28,800-$30,000 are potential scenarios

The hourly chart tells us the same story, as price continued to trend higher, we saw repeated raiding of 1H sell-side liquidity to fuel the next trend high, and we moved higher, which had also been supported by continued rejections of the 50 EMA. 

As we saw price close the monthly fair value gap, an aggressive sell-off took place, right as traders positioned for the FED rate announcement. After price raided daily sell-side liquidity, it found support at the next immediate bullish order block and recovered, testing $28,800 once again.

Moving forward, we have broken below the 50 EMA, so a continuation of the trend could be a potential scenario; alternatively, a bullish move higher into $28,800-$30,000 could still take place. 

Bitcoin Macro


  • BTC encounters resistance just below $30k psychological price level this week.
  • Market sees selloffs before FED rate announcement, followed by a recovery.
  • Daily 50 and 200 EMAs are diverging, with the 50 EMA moving up to EQ of weekly range.
  • Price may edge higher to reclaim $30k or retrace into an area of support, as bulls and bears go head-to-head.

BTC encountered resistance this week just below the $30k psychological price level, with selloffs preceding the FED rate announcement followed by a recovery after. 

We have now seen price continue to edge higher, albeit with signs of resistance and selling pressure entering the market, signaled by the low volatility candles as bulls and bears go head-to-head in their positioning. 

The daily 50 and 200 EMAs have started to diverge, with the 50 EMA making its way up to the EQ of the weekly range, which also aligns with a bullish order block, both positioned below 1D sell-side liquidity that has been ran. 

We now wait to see if price continues to edge higher to reclaim $30k or retraces into an area of support. 

Altcoins on the move

We saw the mean gas price for ETH has hit a one-month low, currently sitting at 29.390 GWEI. Additionally, token swaps and ETH bridges on zk protocols such as zkSync and StarkNet saw a significant increase last week, with 39,000 addresses bridging a whopping $871 million to zkSync. On top of that, ETH's current Network Value to Transaction (NVT) ratio is trading at a 19% discount to its 365-day average.

ETH macro


  • ETH edged higher this week but faced selling pressures.
  • There are slightly more bullish signals for ETH over BTC.
  • 50 EMA is diverging from 200 EMA and setting up a clear support zone.
  • Price may retrace into this support level if shorts are incoming, or continue to trend higher if bulls are in control.

ETH also continued edging higher this week as selling pressures put a halt on aggressive bullish momentum, which could be seen by price's failure to close above the $1840 price high (the highest price since August 2022).

We are seeing slightly more bullish signals with ETH over BTC given that we have yet to raid 1D sell-side liquidity as we have on BTC, however, the story is still the same. With the 50 EMA diverging from the 200 EMA and making its way to the bullish order block just below the current price, a support zone is setting up clearly. 

We are likely to see price retrace into this support level if shorts are incoming, meanwhile, if the bulls are still in control, a continued higher high in the bullish trend could be the last of the bullish trend we see.

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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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