👀 Inflation Running Hot. Beware Of These Levels For BTC:

GM, so it’s begun.

The expected pullback is happening as we speak and is already taking a toll: over $353M was liquidated from the cryptocurrency market in the past 24 hours. As always, Ethereum is taking the lead by printing some pretty nasty wicks.

With the PCE core inflation numbers coming in hot today, it’s probable that this isn’t the last blood taken.

Now, the thing to watch out for is that Bitcoin is not taking out the previous March lows of $76k. If that happens and we see higher timeframe closures below, this might truly be the start of something way worse.

There are still good signals, such as the previously mentioned Hash Ribbon indicator, which rarely fails as a long-time buy signal. Furthermore, no prior market top signals have flashed yet.

Nevertheless, the dangers here should not be underestimated, so stay on guard.

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The important bits.

• mETH Protocol is positioning itself to align with HyperEVM, rewards included

• Ionet achieved 9,106,043 compute hours, increasing month by month

• Mode explains how Synth AI manages to leverage Bitcoin’s shifting volatility

• Sonic Labs releases the SonicCS 2.0: 2x faster consensus, 68% memory reduction

• MegaETH releases new MegaMafia project, HOP

• Vana and Flower Labs partner to build the world’s first user-owned AI model

• Yeet features Arbera: get more Yeet simply by depositing your YEET into Arbera

• Tanssi’s Let’s Forkin’ Dance reward season finale: 10M TANSSI up for grabs

• Somnia announces new gaming titles in latest spaces

• Ostium Labs releases V2, enables SPX, NQ trading and more

• Dinero join the PoL on Berachain, stake for 381% APR

• Ooga Booga, DEX on Berachain, OOGA token is coming soon

Even more important bits.

• EU’s insurance authority proposes 100% capital backing requirement for insurers

• Bernie Moreno says Gary Gensler "was one of the stupidest people in government."

• JPMorgan predicts yield-bearing stablecoins could grow from 6% to 50% of the market

Charts and stats of the day.

• 1000 ETH was already deposited to Hyperliuqid through Unit

• Hyperliuqid’s EVM chain is rapidly growing

• GME short volume has exploded

• Retail on RobinHood is buying the NVDA dip

• BlackRock's Global Allocation Fund discloses $47.4 million in Bitcoin ETF holdings

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BTCUSD 1H Coinbase

I am breaking my rule here on low timeframe charts during this choppy market. I’m interested to know if we’ve put in a local top here on Bitcoin. We’ve seen a strong coinbase premium until today, when it flipped negative (bottom indicator). Tl;dr this means less institutional spot buying, which can be an interim top signal.

Price consolidated above the weekly open (orange W), which we fell below as the premium went negative. We then did a bearish retest from under the 200 day MA (blue line) - this is a big bull / bear pivot - and went lower. This $84k / monthly open support level we are on right now is a big one. I’m looking for the daily candle today to close above monthly open, otherwise I suspect we likely trend lower over the medium term.

This would align with price action during last year’s long BTC consolidation, where lows were often put in during the first week of the new month (May, July, August, September ‘24).

Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!

Sophon: The Operating System for Entertainment

Sophon’s entertainment layer is growing rapidly month by month. In addition to having fun with all the available apps we mention below, we now have the opportunity to get our hands on the SOP token before it’s released.

First, you can bridge to Sophon using the official bridge here.

Next, you can explore various apps in the list here.

Besides gaming and entertainment, there’s an obvious opportunity for DeFi enthusiasts, who can participate in the selection of farming pools here.

Also, if you wish to try out Sophon’s Operating System, join the early access waitlist here.

Lastly, if you’re a Doodle, Azuki of Pudgy Penguins NFT holder, don’t forget to jump in the Sophon Discord and claim your role.

To save you doom scrolling.

None of the cycle top signals have been hit this cycle.

Looking at Berachain, our plans from February are playing out well. There’s not a lot of opportunity in these markets at the moment besides quick price pumps.

Using stablecoins paired with BERA, or long-term BTC/ETH holdings to enjoy the DeFi season on Berachain and profit without trading, was definitely a good move. Hope some of you followed me over there. Ooga Booga.

stay safe homies,

Hix0n 🫡