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Institutional interest is also showing signs of a pick up in the crypto space. Coindesk said its sources revealed that Bridgewater Associates, the world’s largest hedge fund, is planning to invest in a crypto fund. However, the crypto investment, when compared to Bridgewater’s assets under management, is very small.

Galaxy Digital CEO Mike Novogratz said in a recent interview with Bloomberg that Bitcoin is unlikely to rally in the current environment, with the Fed tightening and the war in Ukraine. However, Novogratz remains bullish in the long term. He said that Bitcoin should reach $500,000 in five years, else his theory of the Bitcoin
adoption cycle would prove to be wrong.

We said in our previous analysis that traders may turn positive on a break above the 50-day simple moving average (SMA) and that proved to be the right strategy to adopt. Bitcoin broke and closed above the downtrend line of the descending triangle on March 16, which invalidated the bearish setup.

Although the bears tried to pull the price back below the 50-day SMA, the bulls held their ground, indicating buying on dips. The relative strength index (RSI) has jumped into the positive territory, suggesting that bulls have the upper hand.

Strong buying today has pushed the price above the minor resistance at $42,600. If bulls sustain the price above this level, the BTC/USD pair could rally to $45,855. This level is again likely to act as a stiff resistance.

If the price turns down from this resistance, the bears will attempt to pull the pair to the 50-day SMA and extend the stay inside the range for a few more days. Conversely, a rally above $45,855 could propel the pair to the 200-day SMA.

The bullish view will invalidate in the short term if the price turns down and breaks below the 50-day SMA.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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Featuring in this week's Edition:

- Ninja Fantasy Trader

- Bashoswap

- Jimizz

- Faith Tribe

- Digital Arms

- Onino

- Smartchem (SMAC)

- ERNEST IN DISGUISE

- bitcci

- Nunu Spirits

- Asimi

- Artex

- Xmetafans

- Reefer Token

- Maxxer

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Glassnode, in their March 7 newsletter, concluded that short-term holders seem to be selling their coins while the “long-term holder sell-side has continued to decline since Jan 2021, a signal of growing conviction in the face of high macro uncertainty.”

Nigel Green, CEO of deVere Group, also voiced a bullish projection when he said that Bitcoin could reach $50,000 by the end of March.

Anthony Scaramucci, founder and managing partner of global alternative investment firm SkyBridge Capital, in an interview with Magnifi Media, said that Bitcoin was
not an inflation hedge but an “early technological adoption story that is mirroring a lot of what happened in Web 1.” He projected Bitcoin to touch $100,000 within two years.

We had mentioned in our previous analysis that the bears will defend the zone between £32,382 and £34,032 aggressively and that is what happened. Bitcoin turned down
from £33,987.99 on March 2 and broke below the moving averages on March 4.

Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint, indicating a range-bound action in the near term. The BTC/GBP pair
is likely to remain stuck between £24,450 on the downside and £34,032 on the upside.

If the price rises and sustains above the moving averages, the bulls will try to push the pair toward the resistance of the range. Alternatively, if the price breaks below £27,724.38, the bears will try to pull the pair toward the support of the range.

A break above or below the range is likely to begin the next trending move. Until then, the price action inside the range is likely to remain volatile.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- Artex

- Asimi

- XMateFans

- bitcci

- Hubble Protocol

- Maxxer

- Nunu Psirits

- Reefer Token

- Jimizz

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The Russia-Ukraine conflict attracted strong economic sanctions by the West, sending the Russian ruble (RUB) tumbling to a record low of 118 per dollar on February 28, according to Bloomberg data. This resulted in a massive increase in Bitcoin trading volumes in the Russian ruble as investors sought to protect their wealth from the plummeting ruble.

“Volume for both RUB and Ukrainian hryvnia (UAH) trading pairs increased far more quickly than volume for other pairs, such as BTCUSD, which suggests the crisis is directly influencing trading behaviour,” said crypto data company Kaiko, CNBC reported.

The Russia-Ukraine conflict has underlined the importance of cryptocurrencies, which are borderless and censorshipresistant.

We had mentioned in our previous analysis that Bitcoin could slide to £25,000 and the price dipped to £25,414.38 on February 24. The subsequent rally rose to the 50-day simple moving average (SMA) but the bears defended the level aggressively.

The BTC/GBP pair turned down on February 26 but strong buying on February 28 propelled the price above the 50-day SMA. The rally has reached the strong resistance zone of £32,382 to £34,031.

This zone has acted as a strong resistance on three previous occasions, hence the bears are again expected to mount a strong defence. If the price turns down from this zone, the pair could drop to the 50-day SMA.

A sharp bounce off the 50-day SMA could offer a buying opportunity to traders as that will suggest that sentiment has turned positive and traders are buying on dips. If buyers drive the pair above the overhead zone, the next stop could be the 200-day SMA.

This positive view will be invalidated if the price turns down from the current level and breaks below the 50-day SMA. Such a move will indicate that the pair remains range-bound between £24,450 and £34,032.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- Hubble Protocol

- XMateFans

- The Boujee Leopards Club

- Reefer Token

- Nunu Spirits

- Mine Network

- Jimizz

- Faith Tribe

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Du Jun, the co-founder of Huobi, told CNBC that Bitcoin’s bull markets are closely related to the halving cycle. “If this circle continues, we are now at the early stage of a bear market,” Du said. He expects Bitcoin’s next bull market to start either at the end of 2024 or the beginning of 2025.

Stifel's Barry Bannister said in a note that the US Federal Reserve’s tightening cycle is likely to negatively impact Bitcoin’s price. "In 2022, we see bitcoin in
a broad trading range bounded by year-to-date intraday levels with greater downside risk in 2023 if the Fed continues to normalise policy in a 'standard' two-year tightening cycle. If bitcoin divided by gold falls to the low end of its range (Fed tightens) bitcoin could drop to $10,000 by 2023," Bannister explained, Business Insider reported.

While several investors may be getting sleepless nights due to the current fall in Bitcoin, Mexico’s third-richest billionaire, Ricardo Salinas Pliego, views this as a buying opportunity. He urged his Twitter followers to buy Bitcoin when the price was low and hold.

We had mentioned in our previous analysis that bears are unlikely to give up easily and will defend the overhead resistance zone between £32,382.23 and £34,031.76 and that is what happened.

Bitcoin turned down from the resistance zone on February 16 and plunged below the moving averages on February 17. The buyers attempted to stall the decline at the strong support of £29,000 but the failure to achieve a strong rebound off it emboldened the bears.

The selling resumed on February 20 and the bears pulled the price below £29,000. The bulls attempted to push the price back above the breakdown level on February 21 but the bears sold the rally to £29,000.

Both moving averages are sloping down and the relative strength index (RSI) is close to the oversold levels, indicating that bears are in command.

If the support at £26,649.75 cracks, the BTC/GBP pair could extend its slide to £25,000. The first sign of strength will be a break and close above the 20-day exponential moving average (EMA). Until then, rallies are likely to be sold into.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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Featuring in this weeks Edition:

- Reefer Token

- Faith Tribe

- Jimizz

- Diversity

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- Hubble Protocol

- bitcci

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Although crypto investors believe that Bitcoin is an uncorrelated asset and a store of value similar to gold, its recent price action has been closely correlated to the US tech stocks. According to data compiled by Bloomberg, Bitcoin’s 40-day correlation coefficient with the Nasdaq 100 is close to its all-time highs, indicating that Bitcoin is behaving as a large tech company.

However, MicroStrategy CEO Michael Saylor is unfazed by the fall in Bitcoin. In a recent interview on Irish economist David McWilliams' podcast, Saylor said that if investors are not prepared to hold Bitcoin for a decade, then they should not hold it even for ten minutes.

SoFi CEO Anthony Noto told CNBC that he and his family own Bitcoin, Ethereum and a few other cryptocurrencies but added that it was a “very small part” of their overall portfolio as “it’s an unproven asset and highly volatile.” Noto warned companies that “if you don't innovate, and you don't use cryptocurrency as a technology platform, you'll get left behind."

We had mentioned in our previous analysis that Bitcoin is likely to face stiff resistance in the zone between £32,382.23 and £34,031.76 and that is what happened.

The BTC/GBP pair dropped to the 20-day exponential moving average on February 14, which has acted as strong support. This suggests a change in sentiment from sell on
rallies to buy on dips.

The bulls will again attempt to drive the price above the overhead zone. If they manage to do that, the pair could start a rally to £36,000 and then to the stiff overhead resistance at £39,299.

However, the bears are unlikely to give up easily. They will try to defend the overhead zone aggressively. If the price turns down from the zone, the bears will try to pull the pair below the 20-day EMA. If they succeed, the pair could drop to the strong support at £29,000.

Short-term traders may look for buying opportunities on dips as long as the price remains above the 20-day EMA.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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Featuring in this weeks Edition:

- Deepsquare

- Jimizz

- BOUJEE LEOPARDS CLUB

- Bitshiba

- Smartchem (SMAC)

- bitcci

- Chosen Ones

- Faith Tribe

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Bitcoin and Ether prices have rebounded sharply and are leading the recovery in the crypto markets. The total crypto market capitalization which had dropped to about
$1.5 trillion on January 24 has recovered above $2 trillion, according to Coinmarketcap.

CoinShares weekly Digital Asset Fund Flows report showed inflows of $85 million in the week ending February 04. Bitcoin products garnered the majority of the inflows
at $71 million, the largest since early December. This shows that investor sentiment continues to improve.

KPMG Canada has added Bitcoin and Ether to its corporate treasury following major companies, hedge funds and family-run offices in diversifying their portfolio
with digital assets.

We had mentioned in our previous analysis that if Bitcoin holds the next dip above £26,000, it will indicate a bottom formation and that is what happened.

The BTC/GBP pair turned down from £29,000 on February 2 but the bulls successfully defended the £26,000 support. The pair rebounded off £26,649.75 on February 3 and buyers pushed the price above the overhead resistance on February 4.

The 20-day simple moving average (SMA) has flattened out and the relative strength index (RSI) has jumped into the positive zone, indicating buyers a slight edge.

If bulls sustain the price above £32,382.23, the pair could challenge the critical resistance at £34,031.76. A break above this resistance could open the doors for a rally to £36,000.

However, we anticipate the bears to mount a strong resistance in the zone between £32,382.23 and £34,031.76. If the price turns down from this zone, the pair could
drop to the 20-day SMA. The next dip is likely to provide a low-risk buying opportunity to long-term investors.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- Chosen Ones

- Jimizz

- Funganomics

- Faith Tribe

- Mandala Exchange

- Mine Network

- Onino

- Hubble Protocol

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