DN12 | A Liquidity Squeeze

An exhaustive market examination, from macro to technicals, Bitcoin to altcoins, and everything in between.

The Decode Newsletter is back on its regular schedule, and thank you for your patience. The timing hasn’t actually been too bad; Bitcoin has done little over the past several weeks, just ranging between 60k and 76k, and is currently holding just around the centreline of that range.

Because we’ve had a few weeks’ break, I’ve decided to just go over and recap everything from end to end, from the macro to the technicals. I’ve tried to cover as much ground as possible in this double-length issue; it’s a comprehensive refresh and the most detailed newsletter I’ve ever produced.

The ISM came in with a second expansionary signal at the end of February, but we’ve seen significant declines in both gold and the stock market during March. Geopolitical events have taken the spotlight recently with the Iran war. Oil very quickly spiked to double the price per barrel, and is still very elevated due to ongoing tensions.

Together, these converging factors are creating a classic short-term liquidity squeeze. However, while the broader markets appear increasingly turbulent, the underlying technical structures and the overall market setup for crypto remains largely unchanged.

This is a technical newsletter, and whilst I think it is important that we always acknowledge all risks, we will let the charts do the talking. As Bernard Baruch once said, “Show me the charts and I’ll tell you the news.”

So, let’s get into it - there is a lot to discuss!

Contents

• Business Cycle

• Liquidity

• Global Risk

  • Gold

  • Copper/Gold

  • Dollar Index

  • Oil

• Equities

  • S&P500

  • Russell 2000

• Bitcoin

  • Bitcoin/Gold

  • Production Cost

  • Elliott Wave Analysis

  • Bitcoin Dominance

• Altcoins

  • Altcoin Dominance

  • Ethereum

  • Solana

  • Bittensor

  • Sui

  • Velo