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Swissblock Insights
Swissblock Insights
On the Safe Side
Compass

On the Safe Side

Crypto Compass 5

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Swissblock Insights
Mar 27, 2023
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Swissblock Insights
Swissblock Insights
On the Safe Side
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  • Pressure is back on bitcoin and crypto. As projected in Uncharted 35, we saw a drop in price, while Binance and CZ got sued by CFTC.

  • The perceived risk was intensifying since bitcoin topped last week, considering the low-liquidity environment. The slightest uptick in selling could drive the price lower, and so it happened.

  • RSI bearish divergence suggests short-term bearish momentum building up, which could drive the price toward the $24-$25k support level.

  • No significant buying is noted on order book data to support further selling pressure as interest in bitcoin and crypto remains relatively low - traded volume is extremely low.

  • The number of drawdowns limited to 10% decreased as altcoins gravitated toward bitcoin. Our local top scanner hints at a local top.

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