Crypto Weekly
March 31, 2023

BTC breaks $29K, Saylor purchases 6,455 BTC and Polygon zkEVM Mainnet Beta goes live!

With BTC at 29K we saw MicroStrategy purchase 6,455 BTC at a 22% discount while paying off a $205M loan. Tether's profits have soared this quarter, with a predicted $700M in profits and over $1B in reserves, leading to stablecoin dominance reaching a 22-month high. Meanwhile, the Polygon zkEVM Mainnet Beta is now live, and Lido has incorporated NFTs into their unstaking process. Xapo Bank has also made history by becoming the first fully licensed bank to allow USDC deposits and withdrawals.

  • MicroStrategy buys 6,455 BTC at 22% discount, pays off $205M loan.
  • Tether makes $700M profit in Q1, surpassing $1B reserves, and stablecoin dominance at 22-month high.
  • Polygon zkEVM Mainnet Beta live, Lido incorporates NFTs into their unstaking process.
  • Xapo Bank is the first fully licensed bank to allow USDC deposits and withdrawals.
  • Ripple gains +20.55% as open interest surges to $800M ahead of SEC verdict.

Movers and Shakers

Top 7-Day Gainers:
  1. XRP +23.18%
  2. XLM +20.15%
  3. CFX +18.26%
  4. HBAR +15.94%
  5. RPL +10.72%

Top 7-Day Losers:
  1. STX -19.62%
  2. AGIX -18.25%
  3. MINA -13.92%
  4. APT -11.63%
  5. ARB -9.41%

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Bitcoin Pulse

BTC managed to grind higher this week breaching $29K just as $4B of quarterly call options are set to expire this Friday. At the same time, short-term holders are cashing in on their Bitcoin investments, taking advantage of the highest profit margins seen in over a year shown by SOPR on-chain metrics. But the big news is the TBD C= upgrade to the Lightning Network, which promises to provide more liquidity to users. Exciting times ahead!

Bitcoin micro

tl/dr

  • Thursday saw Bitcoin price break through $29K, mitigating a bearish daily order block.
  • A sell-off followed, with price dropping below the hourly 50 EMA and reaching discounted prices.
  • Currently, price is hovering around equilibrium, attracting liquidity before its next move.
  • Watching for a deeper move into bearish territory around $27K 
  • Alternatively a push higher to raid buy-side liquidity before another potential bearish move.

Thursday saw price finally take $29K and mitigate our bearish daily order block, which we had been waiting to be mitigated. A sell-off followed with price breaking below the hourly 50 EMA and reaching discounted prices, price is now hovering around equilibrium pulling in liquidity before it starts its next directional move

Moving forward, we would be watching for price to move deeper into bearish territory around the $27,000 price level before any bullish move. Alternatively, a push higher to raid 1H buy-side liquidity and mitigate order blocks in premium could be the catalyst for bearish prices. 

Bitcoin Macro

tl/dr

  • BTC finds resistance at $29K mark, the highest price since June 2022
  • Large daily wick closure signals short selling blocking upward movement
  • Daily chart shows manipulation pattern pointing towards bearish break to $25,400 range
  • Aggressive divergence between daily 50 EMA and 200 EMA indicates bullish intent, with a pullback desired for healthy continuation.

This week, we saw BTC continue to find resistance after reaching the $29K mark, the highest price since June 2022. BTC formed a new high this week at $29K but failed to close bullish, as seen by the large daily wick closure on Thursday, signaling that each time bulls try to push price higher, they are immediately met by short selling. 

Because of this on the daily chart, we have formed a manipulation pattern that signals price to break bearish down to at least the $25,400 price range, which coincides with finding support at the bullish order block and daily 50 EMA. 

Speaking of the daily 50 EMA, we have seen an aggressive divergence away from the 200 EMA on the daily, which is signaling bullish intent. For this bullishness to continue, it would be healthy for price to see a pullback, providing value for bulls to re-enter their long positions.

Altcoins on the move

Exciting news for Ethereum with 90% of Ethereum now being self-custodied, marking the lowest supply level on exchanges since 2015. To add to the positive trend, the ETH funding rates have turned green after a recent bull move. With 23.3 million addresses holding at least 0.01 ETH, we're seeing an 8-month high. Finally, we’ve seen $5.2 million in ETH outflows. It's clear that ETH is holding its own.

ETH macro

tl/dr:

  • ETH has stayed below $1850, showing resistance for the second week.
  • The 50 EMA on the daily chart is approaching, while the 200 EMA is still a distance away.
  • A retracement to $1600 is expected, with potential support from the 50 and 200 EMAs and the closing of fair value.
  • Alternatively, fresh buying could push ETH to $2000 if news catalysts appear in the coming weeks.

ETH has shown signs of resistance for a second week this week, staying below the high of $1850 formed in previous weeks. The 50 EMA on the daily chart is fast approaching, although the 200 EMA is still a distance away. 

We are likely to see some form of retracement take place to the $1600 price level, where we would expect price to find support at the 50 and 200 EMAs as well as the closing of fair value from the immediate price. 

Alternatively, if the bulls manage to pump fresh buying into the market upon news catalysts, we could see $2000 being reached in the coming few weeks.

Bitcoin Pulse

BTC managed to grind higher this week breaching $29K just as $4B of quarterly call options are set to expire this Friday. At the same time, short-term holders are cashing in on their Bitcoin investments, taking advantage of the highest profit margins seen in over a year shown by SOPR on-chain metrics. But the big news is the TBD C= upgrade to the Lightning Network, which promises to provide more liquidity to users. Exciting times ahead!

Bitcoin micro

tl/dr

  • Thursday saw Bitcoin price break through $29K, mitigating a bearish daily order block.
  • A sell-off followed, with price dropping below the hourly 50 EMA and reaching discounted prices.
  • Currently, price is hovering around equilibrium, attracting liquidity before its next move.
  • Watching for a deeper move into bearish territory around $27K 
  • Alternatively a push higher to raid buy-side liquidity before another potential bearish move.

Thursday saw price finally take $29K and mitigate our bearish daily order block, which we had been waiting to be mitigated. A sell-off followed with price breaking below the hourly 50 EMA and reaching discounted prices, price is now hovering around equilibrium pulling in liquidity before it starts its next directional move

Moving forward, we would be watching for price to move deeper into bearish territory around the $27,000 price level before any bullish move. Alternatively, a push higher to raid 1H buy-side liquidity and mitigate order blocks in premium could be the catalyst for bearish prices. 

Bitcoin Macro

tl/dr

  • BTC finds resistance at $29K mark, the highest price since June 2022
  • Large daily wick closure signals short selling blocking upward movement
  • Daily chart shows manipulation pattern pointing towards bearish break to $25,400 range
  • Aggressive divergence between daily 50 EMA and 200 EMA indicates bullish intent, with a pullback desired for healthy continuation.

This week, we saw BTC continue to find resistance after reaching the $29K mark, the highest price since June 2022. BTC formed a new high this week at $29K but failed to close bullish, as seen by the large daily wick closure on Thursday, signaling that each time bulls try to push price higher, they are immediately met by short selling. 

Because of this on the daily chart, we have formed a manipulation pattern that signals price to break bearish down to at least the $25,400 price range, which coincides with finding support at the bullish order block and daily 50 EMA. 

Speaking of the daily 50 EMA, we have seen an aggressive divergence away from the 200 EMA on the daily, which is signaling bullish intent. For this bullishness to continue, it would be healthy for price to see a pullback, providing value for bulls to re-enter their long positions.

Altcoins on the move

Exciting news for Ethereum with 90% of Ethereum now being self-custodied, marking the lowest supply level on exchanges since 2015. To add to the positive trend, the ETH funding rates have turned green after a recent bull move. With 23.3 million addresses holding at least 0.01 ETH, we're seeing an 8-month high. Finally, we’ve seen $5.2 million in ETH outflows. It's clear that ETH is holding its own.

ETH macro

tl/dr:

  • ETH has stayed below $1850, showing resistance for the second week.
  • The 50 EMA on the daily chart is approaching, while the 200 EMA is still a distance away.
  • A retracement to $1600 is expected, with potential support from the 50 and 200 EMAs and the closing of fair value.
  • Alternatively, fresh buying could push ETH to $2000 if news catalysts appear in the coming weeks.

ETH has shown signs of resistance for a second week this week, staying below the high of $1850 formed in previous weeks. The 50 EMA on the daily chart is fast approaching, although the 200 EMA is still a distance away. 

We are likely to see some form of retracement take place to the $1600 price level, where we would expect price to find support at the 50 and 200 EMAs as well as the closing of fair value from the immediate price. 

Alternatively, if the bulls manage to pump fresh buying into the market upon news catalysts, we could see $2000 being reached in the coming few weeks.

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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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