Charts of the Week

Bitcoin Climbs Higher as Analysts Eye $30,000 Target

All eyes are on Bitcoin this week as it edges closer to its $30,000 psychological resistance level. The BTC price trending above the Ichimoku cloud suggests a bullish narrative for the leading digital asset.
From a technical perspective, BTC must cross its last hurdle above the swing high at $29,132 before reaching the aforementioned target.
The decline in trading volume could also indicate that Bitcoin may continue to consolidate and trend sideways before approaching the psychological resistance level at $30,000.

By analyzing the volume of call (buy) options versus put (sell) options, traders are able to assess the overall market sentiment. Usually, bullish strategies tend to involve call options, while bearish trading strategies typically involve put options.
From the week starting on March 27, the open interest P/C ratio is above 1 indicating that traders are more inclined towards put options than call options. The P/C ratio of 1.21 on April 02 indicates that the traders are slightly bearish towards Bitcoin.

Bitcoin hash rate spiked to an all-time-high of 398 TH/S as of March 23 before dropping back to 326 TH/S on April 02.
The hash rate of the BTC network has been increasing since the beginning of 2023 and is currently significantly higher than at the same time last year, measuring at 200 TH/S.