KEY MARKET INSIGHTS

The Week That Was - Btc / USD

Bitcoin absorbs everything the Macro has thrown at it and blasts higher!

It has been a remarkable 7-days for the leading Crypto. After re-testing critical trendline support at the start of the week at $34,000, Bitcoin made a 30% about turn to now be above $44k. Notably for longer term investors, the Weekly & Monthly charts show Bitcoin trending higher with a series of textbook higher lows - pointing toward continuation.

Known as the leading risk-asset, Bitcoin suddenly ditched the correlation with US equities amid Russia's war in Ukraine and had one of the biggest single day gains in the last two-years - reaching 18% on some exchanges. Those waiting for lower prices would have been shocked to see Bitcoin rally at a time we should expect it to fall. It has seen a surge in volumes as the Russian economy implodes and Ukraine's banks run dry of hard currency - BTC's primary use-case narrative as a "safe haven" is gathering steam.

For bulls to run riot, Bitcoin needs to close above $47,000 and seize the momentum shown on the RSI. So far it has stalled at a huge resistance band ($44,000) and the 100 MA. Bulls will expect a swift move through these levels or bears will return in force to re-test $40,000 again. For deeper insights into March with crypto buy/sell recommendations, sign-up to our paid Monthly Newsletter. Link in the description. Happy Hunting!

THIS WEEKS TOP HIGHLIGHTS

1. As Russia's economy implodes, Bitcoin volumes surge in both Russia & Ukraine

2. EU bill banning proof of work Cryptocurrencies is abandoned

3. Twitter account of the Ukrainian Government asks for BTC/ETH/USDT/DOT

4. Forbes says Mexico is on the list to make Bitcoin legal tender this year

5. Billionaire Ken Griffin Admits He Was Wrong About Bitcoin & Crypto

On-Chain Insight

According to Glassnode, the uptick in addresses holding more than 1,000 BTC is a result of an exchange or WBTC custodian moving reserves into a series of smaller, newly created addresses.

ARE YOU LOOKING TO BECOME A SOPHISTICATED INVESTOR?

Want Price recommendations and EASY to understand Analysis that gets you real results - Click The Link In the Description to Sign-up to our Premium Monthly Newsletter!

DID YOU KNOW?

The majority of Bitcoin's supply has not moved in the last 6-12 months.

Want full access to the Elite Cryptocurrency Investment Strategy Newsletter?

If you haven’t already, subscribe to our paid version now!