Chart of the Week

Bitcoin at Risk

• At about $21,495.97 on Sunday, Aug 21st, Bitcoin sliced through a crucial support level.
• From a technical perspective, BTC closed below the 200-week moving average, which increases the odds of a steep correction.
• Bitcoin needs to reclaim the 200-week moving average as support to have a chance of recovering and surging toward the 50-week moving average.

Support and Resistance

• On-chain data shows that a considerable demand barrier underneath Bitcoin at $21,002.89, where 662,317 addresses bought 320,519 BTC. The second considerable area of support is at $19,102.93, where 402,558 addresses hold 296,248 BTC.
• On the other hand, a significant concentration of underwater positions lies ahead of Bitcoin. Roughly 925,047 addresses had previously purchased 534,876 BTC at an average price of $23,378.73.

Traders Are Optimistic

• On Binance Futures, the BTCUSDT Long/Short Ratio surged over the past week as prices declined and closed on Sunday, Aug 21st, at a ratio of 2.17.
• Traders appear to be anticipating a rebound as 68.45% of all Binance Futures accounts with an opened position in Bitcoin are net long, while the other 31.55% are net short.

Weekly Market Movers

News Roundup

• AFSA Approval - Binance received an In-Principle Approval from the Astana Financial Services Authority (AFSA) to operate a Digital Asset Trading Facility and Provider of Custody in Kazakhstan. (Trade BNBBUSD)
• All-Time Highs - Ethereum sent to the ETH 2.0 staking contract continues to gradually increase, exceeding 13.2 million ETH while the unique depositors are just under 80,000. (Trade ETHBUSD)
• Vasil Hard Fork - Charles Hoskinson, the founder of Cardano, maintains it is “bizarre” to think Vasil will not be going live this year, as the upgrade is almost close to launching. (Trade ADABUSD)
• EOSIO Rebrands - Community-driven protocol Antelope has forked and rebranded the EOSIO 2.0 codebase through a coalition of four EOSIO protocol-based blockchains led by the EOS Network Foundation. (Trade EOSUSDT)
• Privacy Improvements - Monero went through a hard fork at block 2,688,88 to enhance its privacy features by integrating Bulletproofs+, a ring signature size of 16, and view tags, among other things. (Trade XMRUSDT)

NOTE:

The Washington DC-based cryptocurrency advocacy organization Coin Center stepped up to challenge the Treasury Department’s Office of Foreign Assets Control (OFAC) for having sanctioned Ethereum blockchain-based mixing service Tornado Cash. Coin Center published a blog article last week that identifies what it believes to be OFAC “overstepped[ing] its legal authority by adding certain Tornado Cash smart contract addresses to the SDN [Specially Designated Nationals and Blocked Persons] List, that this action potentially violates constitutional rights to due process and free speech," and that OFAC has “not adequately acted to mitigate the foreseeable impact its action would have on innocent Americans”.

Coin Center argues that OFAC has overstretched the powers given to it by Congress under the International Emergency Economic Powers Act, “[denying] American’s their Liberty and Property without Proper Procedural Due Process”, and violating protected free speech. The Coin Center article concludes with mention of exploring court action against OFAC