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After $BTC reached its highest price since June 2022 and exceeded the $28,000 level, it is expected that the price range of 29,000-30,000 to form an extreme resistance, and for the price to correct from this range several times before succeeding in breaking through it. This is due to the observation UTXO index for the 2-3 year age range (long-term investors) where the realized price for this category is $29,700, UTXO stands for Unspent Transaction Output and it refers to the amount of bitcoin that is left over after a transaction has taken place. The UTXO ratio for the 2-3 year age range constitutes 12.64% of the total UTXOs, therefore, it is expected that there will be a large sell-off of Bitcoin holdings in this range. It is also, compared to the realized price for the 6-12 month index, which is $28200. Historically, every time there was a crossover between these two indexes, a price correction occurred.

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Technical Analysis 25.03.2023

If we look at the chart we published not so long ago we can see that Bitcoin $BTC are still filling orders in the SUPPLY RANGE ( yellow zone ) on the chart.

The most important now is to keep 26500 as support) meaning we should have a weekly close above.

If we look at the chart we can see that we are respecting the technicals on the chart) weekly candle is exactly touching the resistance trendline and support.

To be continued...

Movements in the crypto market are still all about systemic risk. As an aside, it's a strange kind of crisis where every time things seem to settle down, some official stumbles in to quickly add fuel to the fire. That makes it harder to assess and, at times, less reassuring.

In terms of the crypto market, there continues to be a lot of relative weakness under the hood as most tokens fail to move stronger than BTC. 

The chart of ADABTC is a good example of what's going on in the broader crypto market.

So it's not time to get aggressive yet. Stay disciplined and patient.

Have a great weekend!

1/7

Morning update:

Sideways action continues as Bitcoin again dropped below $28,000. Meanwhile, we got a lot of interesting news. First of all, Coinbase will start donating money to Pro-Crypto candidates in US elections👀

https://watcher.guru/news/coinbase-to-start-donating-to-pro-crypto-candidates-in-us-elections

2/7

According to Bloomberg, the stock exchange operator Nasdaq is aiming to launch the Crypto Custody service by the end of Q2. Looks like the big guys are preparing to enter the industry🤔

https://www.coindesk.com/business/2023/03/24/nasdaq-aiming-to-debut-crypto-custody-service-by-q2-end-bloomberg/

3/7

Looking at the on-chain data, we also observed something bullish. Yesterday, we printed the biggest $BTC outflow from the spot exchanges in a month. Over 8,000 $BTC left exchange wallets👀🔥

4/7

Meanwhile, the percentage of $BTC that has not moved in over 2 years continues to climb higher🚀

5/7

Lastly, JAN3 posted that Costa Rica is the next country starting to work on its Bitcoin strategy. Looks like more and more countries will start to adopt the Bitcoin standard🤔 $BTC

6/7

Looking at the banking sector, the chaos continues. The deposits at US banks posted the biggest decline in nearly a year as people continue to lose trust in their banking sector. As already mentioned yesterday, a big chunk of this money is being invested. A small part is likely going also into crypto🤔$BTC