Newsletter:

GM. Bitcoin price bounced today after a major long liquidation wipeout. Current price is $66,500. Bitcoin has now been ranging for several weeks as ETF excitement wanes.

Past 24hr performance

What Just Happened

• Ark’s Bitcoin ETF sees daily net outflow of $87 million.
• Bitcoin’s flash crash leads to $165M in liquidations.
• Pompliano sees a 300% rise on the horizon for Bitcoin.
• Paradigm leads the way for crypto VC flows as they plan new $850M fund.

What’s Happening Now

Bitcoin is up just over 1% in the past 24hrs at a current price of $66,500. So far this year Bitcoin is now up +56.7%.

Ethereum is up just under 1% in the past 24hrs, while Solana once again has outperformed BTC and ETH as it is up 5.9%, bouncing harder from the recent price drop.

Bitcoin: Predator Thermal Vision is bullish across lower timeframes. Higher timeframes are still bearish for now.

Ethereum: Predator Thermal Vision is bullish across lower timeframes. Higher timeframes are still bearish for now.

FOILS metrics: All metrics are currently neutral across Bitcoin and Ethereum. Funding rates have reset following the sharp price drop as a significant number of long positions were liquidated.

Funding rates clear out

Funding rates climbed significantly higher over recent weeks as Bitcoin price pushed up around $70,000.  This indicated derivatives traders were going heavily into long positions.

Historically this can result in price reversals when this trend reaches extreme levels, which played out again recently. As funding rates reached unsustainable levels (+0.07), price then significantly pulled back until funding had reset to lower levels. First in mid-march, and again yesterday. The result was a significant number of long liquidations.

What’s Next

Long term trend outlook:

3-day Predator is now red on the latest candle but we must wait for candle close for confirmation.

Macro calendar key events for next week:

• Wednesday 3 April: USA: Fed Chair Powell Speaks.
• Wednesday 3 April: USA: ISM Non-Manufacturing PMI.
• Friday 5 April: USA: Nonfarm Payrolls (March).
• Friday 5 April: USA: Unemployment Rate (March).

Disclaimer: Nothing within this article should be misconstrued as financial advice. The financial techniques described herein are for educational purposes only. Any financial positions you take on the market are at your own risk and own reward. If you need financial advice or further advice in general, it is recommended that you identify a relevantly qualified individual in your Jurisdiction who can advise you accordingly.