Macro Overview
- US Unemployment Claims: came in lower than expected, which is slightly bearish for the crypto market due to the inverse relationship.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a 4.74% uptick, bringing the total market capitalization to $2.88 trillion. Notably, BTC saw a uptick of 6.02% and ETH saw a fall of -3.03%. Bitcoin’s dominance stands at 61.36%, while Ethereum’s holds at 9.21%.
- Trump Announces U.S. Crypto Strategic Reserve: Includes BTC, ETH, XRP, SOL, and ADA : Donald Trump has signed an executive order to establish a Strategic Bitcoin Reserve, funded by seized BTC assets, aiming to secure the U.S.’s digital asset future. Additionally, he announced a broader “Crypto Strategic Reserve” that will include Bitcoin (BTC), Ethereum (ETH), XRP, SOL, and ADA, positioning the U.S. as a leader in the crypto space. While critics argue this is a rebranding of existing holdings, supporters see it as a legitimization of Bitcoin and a shift in U.S. crypto policy.
- El Salvador Continues BTC Accumulation: El Salvador bought the Bitcoin dip again, adding 12 BTC worth over $1M in the past seven days and 44 BTC valued at $3.75M in the last 30 days. The country’s National Bitcoin Office confirmed a recent 1 BTC purchase, bringing its total BTC reserve to 6,093.18 BTC, now worth over $523M.
- Trump to Host Crypto Summit at the White House on March 7 : The White House will hold a first-of-its-kind cryptocurrency summit, signaling a major policy shift under the Trump administration. While details remain undisclosed, the event will be hosted by White House AI and crypto czar David Sacks and digital asset advisor Bo Hines. Rumors suggest key crypto founders, investors, and project representatives may attend.
Top Tokens Update
- Sui Rallies After Partnering with Trump’s World Liberty Financial: The Sui Foundation has partnered with Trump-inspired World Liberty Financial (WLFI) to explore product development opportunities, including adding Sui assets to its “Macro Strategy” reserve. WLFI has been expanding its crypto partnerships, with the Tron Foundation becoming its biggest investor in November 2024 and a February collaboration with Ondo Finance to advance real-world asset (RWA) tokenization.
- Sam Altman’s World Project Expands with Crypto Payments & Chat: Sam Altman’s World project is evolving into a super app, adding chat and crypto payment functionalities. Users verified through World ID can now identify and transact with other “verified humans” via World Chat, which integrates seamlessly with the World App wallet, enabling crypto transfers as easily as sending a picture.
- Bitwise Files First-Ever Aptos ETF: Bitwise has become the first asset manager to file for an Aptos (APT) ETF, submitting an S-1 registration with the SEC. This move aligns with the growing institutional interest in crypto ETFs, leveraging the current pro-crypto stance of the U.S. government.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Mar-11 | 7:30 PM | US Job Openings | Actual’ less than ‘Forecast’ is good for crypto |
| Mar-12 | 6:00 PM | US CPI y/y | Actual’ less than ‘Forecast’ is good for crypto |
| Mar-13 | 6:00 PM | US PPI m/m | Actual’ less than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Neutral.
- Bitcoin has traded sideways this week with no clear direction on lower time frames, while the higher time frame outlook remains bullish. BTC needs to reclaim the $92K–$93K level to gain strength. Following the U.S. unemployment data release and the upcoming crypto summit, BTC could see a significant move, providing better clarity on its direction.
- Key support levels to consider are around $82,000 and $79,000 On the upside, resistance level is at $96,500 and $99,000.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Neutral.
- Ethereum has underperformed Bitcoin and is currently trading around a major support level with an unclear direction. If it loses this support, further downside is possible. While the announcement of a strategic reserve including ETH is a positive development, it has not provided an immediate push. For now, our outlook remains sideways.
- Significant support levels include $2150 and $1730, while resistance levels to watch are at $2385 and $2759.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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