Decentral Block Post

A new daily all-time high (ATH) has been recorded for the number of Ordinals inscribed on the Bitcoin (BTC) network due to a recently launched “token standard” for the blockchain.

Bitcoin Ordinals reached 58,179 inscriptions on April 2, smashing the previous all-time high (ATH) of 31,692 on March 9 by 83.5% according to Dune Analytics data.

The surge is believed to be driven by the recent creation of "Bitcoin Request for Comment" (BRC-20) tokens on the Ordinals protocol by a pseudonymous on-chain analyst named Domo in early March.

While Ordinals are nonfungible token (NFT)-like “digital artifacts” which carry data in the form of text, JPEG images, PDFs, video and audio formats on the Bitcoin network, the BRC-20 token standard utilizes Ordinal inscriptions to deploy token contracts, mint tokens, and transfer tokens — similar to Ethereum’s ERC-20 token standard.

The arrival of Ordinals and BRC-20 tokens on Bitcoin were enabled by the Taproot soft fork, which took effect on Nov. 14, 2021.

The market witnessed a major banking crisis in March as Silicon Valley Bank and Signature Bank failed and Silvergate Bank entered liquidation as the result of dire financial distress. In Europe, the government brokered a forced takeover of Credit Suisse by UBS. Still, the United States equities markets and the European stock markets closed the month on a positive note.

The cryptocurrency market was also shaken by volatility, but Bitcoin (BTC) gained about 23% in March. Going forward, the picture looks encouraging for Bitcoin bulls in April and data from Coinglass suggests that the month has largely favored the buyers.

Although altcoins reacted positively to Bitcoin’s rise, the rally has not been equal across the board. This suggests that market participants have been selective in their purchases. As a result, traders might focus on the movers rather than the laggards.

Let’s study the charts of five cryptocurrencies that look positive in the near term. If they break above their resistance levels, they may offer short-term trading opportunities.

Bitcoin price analysis

Bitcoin is facing stiff resistance at the $29,000 level but the bulls have not allowed the price to lose ground. This suggests that the bulls are being patient as they anticipate a move higher.

The market witnessed a major banking crisis in March as Silicon Valley Bank and Signature Bank failed and Silvergate Bank entered liquidation as a result of dire financial distress. In Europe, the government brokered a forced takeover of Credit Suisse by UBS. Still, the United States equities markets and the European stock markets closed the month on a positive note.

The cryptocurrency market was also shaken by volatility, but Bitcoin (BTC) gained about 23% in March. Going forward, the picture looks encouraging for Bitcoin bulls in April and data from Coinglass suggests that the month has largely favored the buyers.

Although altcoins reacted positively to Bitcoin’s rise, the rally has not been equal across the board. This suggests that market participants have been selective in their purchases. As a result, traders might focus on the movers rather than the laggards.

Let’s study the charts of five cryptocurrencies that look positive in the near term. If they break above their resistance levels, they may offer short-term trading opportunities.

Bitcoin price analysis

Bitcoin is facing stiff resistance at the $29,000 level but the bulls have not allowed the price to lose ground. This suggests that the bulls are being patient, anticipating a move higher.

Ethereum's native token, Ether (ETH), eyes a run-up toward $3,000 in Q2 2023 after wrapping the previous quarter with 55% gains.

ETH price nears potential breakout

The price of Ether has more that doubled after bottoming out in June 2022 at around $880, weathering a slew of negative events, including the FTX exchange collapse, interest rate increases, and stricter U.S. regulations.

In doing so, ETH/USD has painted an ascending triangle, confirmed by its rising trendline support and horizontal level resistance. The pattern suggests aggressive buying as lows get steadily higher while highs stay around the same level, indicative of a higher selling pressure at the given level. 

As of April 2, ETH's price is testing its horizontal level resistance range ($1,700-1,820) for a potential breakout move.

A breakout will be confirmed if the price closes above the resistance range while accompanying higher volumes. Furthermore, the ascending triangle breakout target is measures with the length equal to the triangle height.

Bitcoin (BTC) is on the road to a new bull market and should deliver serious returns in the process, fresh analysis reveals

In a tweet on April 2, Charles Edwards, founder of Bitcoin and digital asset hedge fund Capriole Investments, flagged a "familiar" bull signal on the SLRV Ribbons metric.

Edwards: SLRV beginning "new trend"

SLRV Ribbons is a tool for measuring potential Bitcoin profitability. Put forward by Capriole in 2022, it is based on the Short-to-Long-term Realized Value (SLRV) Ratio from well-known analyst David Puell.

The SLRV Ratio takes the percentage of the BTC supply active in the last 24 hours and compares it to that last active 6-12 months ago. The result shows how comparatively active short-term supply and long-term supply are at a given point.

From this, an investor can gain an insight into both sentiment and likely price trajectory, but over time, such supply values may change, Edwards argues.

Bitcoin (BTC) stayed on course for its highest weekly close in ten months on April 2 as $28,000 held.

BTC price analyst: “Massive” liquidations due at $30,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD stable over the weekend after closing out March at near $28,500.

A key point of resistance from earlier in its current halving cycle, the current trading zone represents a major hurdle for bulls to overcome. Should they manage it, price targets extend beyond the $30,000 mark.

“Bitcoin has been consolidating below the biggest resistance/support of the last 2+ years,” analyst Matthew Hyland summarized in his latest tweet on BTC.

“A whole new ballgame if BTC breaks it. NASDAQ & S&P went strong into weekly close. Still major pessimism and disbelief while major milestones are close to being made for Stocks/BTC.”