In our previous market summaries over the last few weeks, we’ve highlighted the case for a bear market rally playing out and the key support areas just below $20,000 where the 200 DMA and realized price both still exist. This last week was some of the most volatile we’ve yet with the bitcoin price spring-boarding off that support back into a retest of the 200 WMA at $25,288 — another rejection so far. Until we see a clean break above this level and price sustaining above it, there’s a strong chance we see the narrative of bitcoin as “safe haven” during this banking crisis fade as the price moves back into the broader range. Bear markets are known for their high levels of volatility in both directions. Equities and bond volatility is up big this week after a panic collapse in the 2-year Treasury yield below 4%. Bearish signs for this week are a declining futures basis, options 25 delta skew, a falling realized price, a major week of fund outflows and GBTC discount falling back below 40%. Bitcoin market depth and liquidity is still on the decline as well. The repricing on interest rates have many expecting a recession is en route and a potential pivot by the Fed next week, but a planned 25 bps is likely the result.
We will send an updated password for the live dashboards every Thursday along with the Market snapshot and summary. The live dashboards are currently optimized for desktop. Viewing on mobile may not be ideal at this time.
Don’t forget! Paying subscribers get 15% off in the Bitcoin Magazine store. Login to the Bitcoin Magazine store with your BM PRO Paid Subscriber email and use code BM-PRO for 15% off ALL items. Includes conference tickets, magazines, art and more!
Note: The code will only work with the same email that is connected to your Substack subscription and is not valid for free trials. If you have any issues with the code, please email craig.deutsch@btcmedia.org
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PRO Market & Mining Dashboards 3/16/2023
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Market Dashboard
Market Summary
In our previous market summaries over the last few weeks, we’ve highlighted the case for a bear market rally playing out and the key support areas just below $20,000 where the 200 DMA and realized price both still exist. This last week was some of the most volatile we’ve yet with the bitcoin price spring-boarding off that support back into a retest of the 200 WMA at $25,288 — another rejection so far. Until we see a clean break above this level and price sustaining above it, there’s a strong chance we see the narrative of bitcoin as “safe haven” during this banking crisis fade as the price moves back into the broader range. Bear markets are known for their high levels of volatility in both directions. Equities and bond volatility is up big this week after a panic collapse in the 2-year Treasury yield below 4%. Bearish signs for this week are a declining futures basis, options 25 delta skew, a falling realized price, a major week of fund outflows and GBTC discount falling back below 40%. Bitcoin market depth and liquidity is still on the decline as well. The repricing on interest rates have many expecting a recession is en route and a potential pivot by the Fed next week, but a planned 25 bps is likely the result.
Mining Dashboard
PDF Versions
For LIVE access to the Dashboards, visit:
Market Dashboard: https://charts.bitcoinmagazinepro.com/
Mining Dashboard: https://charts.bitcoinmagazinepro.com/mining
Password: H6zd%cxXUmS%
We will send an updated password for the live dashboards every Thursday along with the Market snapshot and summary. The live dashboards are currently optimized for desktop. Viewing on mobile may not be ideal at this time.
Note: The code will only work with the same email that is connected to your Substack subscription and is not valid for free trials. If you have any issues with the code, please email craig.deutsch@btcmedia.org