{"id":22111,"date":"2025-03-16T19:35:06","date_gmt":"2025-03-16T17:35:06","guid":{"rendered":"https:\/\/forklog.com\/en\/week-in-review-a-us-bitcoin-reserve-bill-pectra-test-troubles-and-doubts-over-the-digital-euro\/"},"modified":"2025-03-16T19:35:06","modified_gmt":"2025-03-16T17:35:06","slug":"week-in-review-a-us-bitcoin-reserve-bill-pectra-test-troubles-and-doubts-over-the-digital-euro","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/week-in-review-a-us-bitcoin-reserve-bill-pectra-test-troubles-and-doubts-over-the-digital-euro\/","title":{"rendered":"Week in review: a US Bitcoin reserve bill, Pectra test troubles and doubts over the digital euro"},"content":{"rendered":"

The US Senate unveiled a refreshed Bitcoin Act; a user deliberately disrupted testing of Ethereum\u2019s Pectra upgrade; EU politicians and citizens questioned the merits of a digital euro; and other highlights of the week.<\/p>\n

BTC\u2019s \u201corganic\u201d move towards $70,000 and recession jitters<\/h2>\n

Bitcoin began the week by testing the $80,000 level<\/a> after declines in preceding days.<\/p>\n

\"Week
Hourly chart of BTC\/USD on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

On Tuesday the price hit a local low near $77,000. By midweek it partly recovered. Overnight into Saturday the chart printed a local high around $84,500.<\/p>\n

At the time of writing bitcoin trades at $83,266, for a market capitalisation of $1.65trn. The coin is down 0.3% over the past seven days.<\/p>\n

Social-media analysis shows that after the market sell-off<\/a> on February 27th, user anxiety about a slide towards $70,000 hit a peak.<\/p>\n

\"Week
Data: X<\/a>.<\/figcaption><\/figure>\n

But, according to Santiment, a true \u201ccapitulation point\u201d will come when forecasts are dominated by a $50,000\u2013$69,000 corridor and the $100,000\u2013$119,000 range is rarely mentioned.<\/p>\n

Nansen analyst Aur\u00e9lie Barter called<\/a> bitcoin\u2019s move towards $70,000 \u201can organic part of the current bull market\u201d.<\/p>\n

In her view, the asset is tracking the broader macro trend. The next band is $71,000\u2013$72,000 \u2014 but that would exceed levels seen before America\u2019s November elections.<\/p>\n

QCP Capital attributed<\/a> the market\u2019s stumble to the US president\u2019s indifference to recession risks. Despite a reputation as a defender of equities, he allowed a correction \u2014 a \u201ccorrection\u201d of the state via a Wall Street downturn.<\/p>\n

CryptoQuant noted a sharp drop in open interest in bitcoin and Ethereum futures, signalling a \u201cleverage flush\u201d and a chance for the market to stabilise.<\/p>\n

\"Week
Data: X<\/a>.<\/figcaption><\/figure>\n

Total open interest fell by $1.37bn \u2014 $668m in digital gold and $700m in the second-largest cryptocurrency.<\/p>\n

Ethereum began the week around $2,000, having shed roughly 20%<\/a> over the prior seven days.<\/p>\n

\"Week
Hourly chart of ETH\/USD on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

On March 13th the ETH\/BTC rate slumped<\/a> to 0.0224 \u2014 the lowest since May 2020.<\/p>\n

At the time of writing Ethereum trades at $1,895 with a market cap of $228.69bn, down 10.4% on the week.<\/p>\n

Alliance DAO co-founder Qiao Wang says Ethereum\u2019s current oversold level is comparable to the post\u2011Terra collapse in 2021, the 2018 bear market and The DAO hack in 2016.<\/p>\n

Glassnode\u2019s weekly on-chain view shows 600,000\u2013700,000 ETH accumulated around $1,900. Resistance may appear at $2,200 (465,000 ETH transacted there).<\/p>\n

\n

#Ethereum<\/a>‘s Cost Basis Distribution shows where a potential short-term support levels might form.
1W view:
? Price briefly dipped below the major $1.88K accumulation cluster, but addresses at this level showed no engagement
? New accumulation emerged at $1.9K (600K\u2013700K $ETH<\/a>) pic.twitter.com\/i2VtCScofK<\/a><\/p>\n

\u2014 glassnode (@glassnode) March 12, 2025<\/a><\/p><\/blockquote>\n