Note that another batch of bad news reached the cryptocurrency market last night. It turned out that the Commodity Futures Trading Commission (CFTC) has filed a lawsuit against cryptocurrency exchange Binance and its chief executive Changpen Zhao. According to Bloomberg, the reason for the proceedings is possible violations of trading and derivatives interaction rules.

In the details of the case, it was noted that the regulator had found some accounts that traded on Binance and were linked to Changpen Zhao in doing so. The latter tweeted a foursome shortly after the news broke, thus referring back to his old tweet with plans for 2023. In that post, the fourth item was a recommendation to “ignore FUD, fake news and attacks”.

He later released a separate publication in which he stated that he does use his own crypto exchange for his needs and sees no problem with it. Moreover, all trading platforms – and outside of the cryptocurrency world like Robinhood – do trade on their own platforms.

Whatever the case, the market has managed to react with a small drawdown in response to the news. The current situation in the industry looks like this.

What to expect from Bitcoin next

On March 31, another candle will close on the scale of BTC’s 1-month chart. This event on a large forecasting horizon is important – if Bitcoin collapses sharply once again before the monthly close, the subsequent price momentum could already be disappointing for the bulls in April.

According to trader Rekt Capital, the cryptocurrency needs a “healthy correction”. Here’s a relevant rejoinder from the analyst.

If BTC fails to break above the $28,700 level, then a healthy correction may be needed to attract fresh buyer interest at lower levels. Technical indicators are showing some short-term weakness, and perhaps a catalyst will soon emerge to bounce back from this scenario.

What is meant here is that Bitcoin and other coins have seen serious gains since early 2023. Consequently, many traders are now in the black and ready to lock in their earnings. Well, to reopen their positions, they need a market collapse, which is provoked by the mass sale of assets.

That is, the technical analysis tells us about the probability of another BTC price drop before the end of March.

A probable support level in this situation could be the 200-week moving line. Accordingly, many traders will be interested in protecting it by buying the asset near that level.

Macroeconomics in the U.S.

According to Cointelegraph’s sources, there are no major events on the calendar until the end of March that concern the United States economy. The big day was last week, when the US Federal Open Market Committee (FOMC) meeting once again raised the benchmark lending rate by 25 basis points.

Of the remaining events, the publication of the Personal Consumption Expenditure Index (PCE) deserves the most attention. This metric is considered as another way of measuring inflation in the USA. Here’s what the analyst under the nickname Tedtalksmacro wrote on Twitter about it.

US PCE inflation data is due out this week – last month’s publication of the indicator caused a spike in volatility. This month, however, the PCE is expected to fall below expectations. This will be positive for risk.

The PCE leaves the uncertainty factor behind, which could affect Bitcoin’s volatility by the end of the month. The situation could also be exacerbated by the continuation of the US banking crisis in the form of a collapse of new US or European banks.

New blockchain records

According to analysts at Glassnode, the volume of available bitcoin supply, which has been sitting idle in wallets for two years or longer, is now at an all-time high. As of 27 March, more than 52.5 per cent of all mined BTC had not moved since at least March 2021.

The total number of addresses is also only growing, but the number of cryptocurrency wallets with at least 0.1 BTC on their balance has set a new historical record. Similarly, there are more non-zero balance wallets than ever before, with over 45.38 million units as of March 27.

To understand BTC’s possible upside potential, the following chart will be helpful: it shows the cryptocurrency’s maximum collapse in a bearish trend and its subsequent rise during the bull run to each previous halving.


We believe there is plenty of negativity in the cryptocurrency space right now - and primarily due to US regulators. However, despite this, cryptocurrencies are showing good price performance, as they are holding near their support levels and are in no hurry to update local lows. Therefore, we can only hope that digital assets are strong enough to withstand the attacks of the authorities and that investors will not be disappointed with crypto, which has become much more relevant amid the current banking crisis.


If you want to invest in Bitcoin for the long term, there’s still time, well it’s almost a year away from halving. So get your cryptocurrency wallets ready and don’t forget to subscribe to our cryptochat Future Rich.