Renowned cryptocurrency tracking platform Whale Alert, which traces large crypto transactions and shares their details on the X social media app (formerly widely known as Twitter) has announced that more than 100 million Dogecoin has been deposited to a popular investment platform Robinhood.

On Friday, a slightly smaller amount of DOGE was moved to the same platform, according to the aforementioned tracker, which makes it approximately 200 million DOGE sent to Robinhood within the last two days.

200 million DOGE deposited to Robinhood, Elon Musk suspected

Tweets published by the tracker show two massive amounts of crypto that were transferred by anonymous digital wallet owners to the brokerage platform Robinhood within the last 48 hours — 118,402,438 DOGE evaluated at $19,752,398 and 86,000,000 DOGE worth $14,123,854. Thus, more than $33.8 million worth of the original meme cryptocurrency has been moved to Robinhood with a likely goal of selling those meme coins.

In the comment thread under the latest transfer users began to make guesses as to who could have initiated those transactions. Two X users named the biggest Dogecoin fan Elon Musk, rather jokingly assuming that it could be him who transferred those funds to the trading platform.

Elon Musk teases potential DOGE payments for Tesla

In a remarkable development, this week during his speech at the Tesla Giga Event in Berlin, centibillionaire and chief executive of Tesla (and owner of X) Elon Musk was asked if Tesla plans on rolling out DOGE payments for its electric automobiles.

Musk revealed that at some point in the future they are likely to do that. He again reminded the community that he believes DOGE to be people’s currency, since many average Tesla workers often ask Musk to support Dogecoin rather than BTC. Musk says that for him, this is sufficient evidence that he should provide public support to this meme cryptocurrency. Bitcoin, he said, is owned by rich people, while DOGE is still affordable to average workers.

That statement made by Musk triggered a big Dogecoin increase of almost 17%, which happened between Wednesday and Thursday. However, a major decline followed, as often happens when Musk pumps DOGE, and by now the meme coin’s price has dropped by 15%, trading at $0.1621.

Welcome to our latest Bitcoin technical analysis! We delve into the daily timeframe, examining the recent movements and potential future directions of Bitcoin.

🔍 Today’s bitcoin technical analysis highlights:

• Observation of the past two daily candles and their proximity to the crucial 20 EMA, a significant indicator for algo firms and professional traders.
• A potential downward movement was noticed, followed by a rebound over the 20 EMA, signaling a potential temporary bounce.
• Discussion on key price levels to watch, specifically around the $68,400 and $69,250 to $70,000 range, within a notable trend line zone after a double bottom pattern, suggesting a possible breakout.

📈 What’s Next for Bitcoin?

• Bitcon probably going to 69k next. We’re closely monitoring these developments for signs of a temporary bounce. However, trading involves risks, and we advise trading at your own risk.

🌐 Stay Updated:
For more insights and updates, remember to return to ForexLive.com, your go-to source for real-time forex news and analysis.

📊 Disclaimer:
This analysis is for informational purposes only. Itai Levitan and ForexLive.com are not providing financial, investment, or trading advice. Always conduct your own research before making any investment decisions.

💬 Join the Discussion:
Have thoughts on where Bitcoin is headed? Share your predictions and questions in the comments below! Let’s dive into the analysis and explore the potential scenarios together.

In a surprising turn of events, the tranquility of Sunday afternoon was shattered as a substantial amount of Bitcoin was swiftly withdrawn from Coinbase, one of the United States’ largest cryptocurrency exchanges.

According to Whale Alert, a whopping 4,799 BTC, valued at approximately $314.13 million, made its way from Coinbase to an undisclosed wallet, sparking curiosity and speculation within the crypto community.

Delving into the on-chain data, it was revealed that this hefty sum had previously been part of a larger transaction originating from one of the exchange’s wallets. However, the trail led to these tokens being transferred to Coinbase’s hot wallet, as per insights from Arkham’s data. One may suggest that this transfer likely constituted an internal shuffling of Bitcoin between hot wallets orchestrated by the exchange itself.

Remarkably, this massive movement of funds occurred against the backdrop of Bitcoin experiencing a downturn in its price. Currently trading at $66,800, the cryptocurrency has witnessed a 10% decrease from its recent all-time high, achieved just three days prior.

The timing of this significant transfer has sparked speculation among investors, with many pondering its potential implications on the market sentiment and the trajectory of Bitcoin’s price in the near future.

As the cryptocurrency landscape continues to evolve and surprise, the transfer of such a substantial amount of BTC from Coinbase to an unknown destination adds yet another layer of intrigue to the recent situation. Investors and enthusiasts remain vigilant, eagerly awaiting further developments and insights into this intriguing maneuver within the crypto space.

UPCOMING EVENTS:

• Monday: China
  Retail Sales and Industrial Production, Canada PPI, US NAHB Housing Market
  Index.
• Tuesday: BoJ
  Policy Decision, RBA Policy Decision, Eurozone Wage data, Eurozone ZEW,
  Canada CPI, US Housing Starts and Building Permits.
• Wednesday: PBoC
  LPR, UK CPI, FOMC Policy Decision, New Zealand GDP.
• Thursday: Australia/Japan/Eurozone/UK/US
  Flash PMIs, Australia Labour Market report, SNB Policy Decision, BoE
  Policy Decision, US Jobless Claims.
• Friday: Japan
  CPI, UK Retail Sales, Canada Retail Sales.

Tuesday

The BoJ is expected to finally exit the
negative interest rate policy (NIRP) raising their policy rate by 10 bps.
Moreover, the central bank is seen ditching yield curve control (YCC) but
keeping QE and discontinue ETF purchases. Such expectations were solidified by
many leaks
and reports and the highest wage
hikes in 30 years. The market has
already priced in the BoJ exit, so there’s a big risk for disappointment.
In fact, we can expect the Yen to selloff hard in case the central bank
refrains from delivering on expectations. On the other hand, the bar for
another round of big Yen gains is pretty high as the BoJ will need to sound
hawkish and signal more to come.

The RBA is expected to keep the Cash Rate
unchanged at 4.35%. Given the recent lower inflation
numbers and another ugly labour
market report, the central bank is
likely to drop the tightening bias and keep a neutral stance. The market is
expecting the first rate cut in August, but I suspect the market will bring
expectations forward in case the RBA drops the tightening bias.

The Canadian CPI Y/Y is expected at 3.1%
vs. 2.9% prior, while the M/M measure is seen at 0.6% vs. 0.0% prior. As
always, the focus will be on the underlying inflation measures as that’s
what the BoC is most concerned about. In the last
report, we saw a miss across the board and it
will certainly be good news for the central bank if it happens again,
especially in light of the easing in wage growth in the recent labour
market report. A miss is likely to weigh on
the Canadian Dollar, while a beat shouldn’t change much for the market.

Wednesday

The PBoC is expected to keep the LPR rates
unchanged. The central bank recently delivered two bigger than expected cuts to
its RRR
rate and the 5-year LPR
rate. Last weekend, the Chinese
Inflation data beat expectations across the
board by a big margin with the Headline Y/Y reading jumping to 1.0% and the
Core Y/Y measure to 1.2%. The PBoC might not feel the urgency to cut rates
further at the moment.

The UK CPI is expected at 3.6% vs. 4.0%
prior, while the M/M measure is seen at 0.7% vs. -0.6% prior. The Core CPI Y/Y
is expected at 4.6% vs. 5.1% prior, while there’s no consensus for the M/M
figure at the time of writing although the prior reading was -0.9%. The
market expects the first rate cut in August and we will likely need a notable
miss, especially for services inflation, to see the pricing shifting towards a
June move.

The Fed is expected to keep interest rates
unchanged at 5.25-5.50%. The focus will be on the economic projections and the
dot plot. It’s unlikely to see major changes as the central bank will want to
keep optionality and not overreact to the recent inflation readings. If the
dot plot shifts from three to two rate cuts this year, that will be likely
taken as a hawkish “surprise” by the market, but Fed Chair Powell could
smooth it down in the Press Conference striking a more neutral message and
saying that it’s all conditional to incoming economic data. On the other hand,
if the dot plot still shows three rate cuts, Powell is likely to sound a bit
more hawkish just to counterbalance the likely dovish reaction from the
unchanged dot plot.

Thursday

Thursday
will be the Flash PMIs day for many major economies, but the market will likely
focus on the US ones:

• Eurozone
  Manufacturing PMI 47.0 vs. 46.5 prior.
• Eurozone
  Services PMI 50.5 vs. 50.2 prior.
• UK
  Manufacturing PMI 47.8 vs. 47.5 prior.
• UK
  Services PMI 54.0 vs. 53.8 prior.
• US
  Manufacturing PMI 51.7 vs. 52.2 prior.
• US
  Services PMI 52.0 vs. 52.3 prior.

The
Australian unemployment rate is expected to tick lower to 4.0% vs. 4.1% prior,
with 30K jobs added in February vs. 0.5K in January. The last report missed
expectations across the board with the unemployment rate continuing to trend
higher steadily. Another ugly report is likely to bring rate cuts
expectations forward while a beat shouldn’t change much at this point.

There’s
basically a 50/50 chance that the SNB cuts interest rates by 25 bps at the
March meeting. The expectations for an earlier move rose after another
downtick in the latest inflation data where the Headline CPI Y/Y eased to
1.2% and the Core CPI Y/Y to 1.1%, both well below the SNB’s projections and
comfortably within the 0-2% inflation target. If the central bank refrains from
cutting at this meeting, it’s very likely that they will signal a move in June
and by then they could even cut by 50 bps.

The
BoE is expected to keep interest rates unchanged at 5.25% with Mann and Haskel
voting for a hike, Dhingra for a cut and the rest for a hold. The economic data
leading into the meeting has been mostly benign with no particular surprises.
The MPC will also see the latest UK inflation figures on the first day of the
meeting, so that could influence the voting split but very unlikely to
change anything else. The market is fully pricing the first rate cut in
August.

The
US Jobless Claims continue to be one of the most important releases every week
as it’s a timelier indicator on the state of the labour market. Initial Claims
keep on hovering around cycle lows, while Continuing Claims remain firm around
cycle highs. There’s no consensus at the time of writing for the claims
figures, but the prior report saw a
beat across the board with huge positive revisions to the Continuing Claims figures
which led to a strong hawkish reaction in the markets. This
is because disinflation to the Fed’s target is more likely with a weakening
labour market. A resilient labour market though will make the achievement of
the target much more difficult.

Friday

The
Japanese Core CPI Y/Y is seen jumping to 2.8% vs. 2.0% prior with no consensus
for the other measures although the prior readings saw the Headline CPI Y/Y at
2.2% and the Core-Core CPI Y/Y at 3.5%. Depending on the BoJ’s forward
guidance at the policy decision, a beat will likely trigger a bigger
reaction with the Yen strengthening across the board.

Shafaq News / The Iraqi Central Bank’s (CBI) sales surged to over $240 million in today’s currency auction.

Our correspondent reported that CBI sold $240,715,778 in its auction for buying and selling the US dollar today.

The bank covered these sales at the exchange rate of 1,305 IQD per dollar for documentary credits and international settlements for electronic cards, and at 1,310 IQD per dollar for foreign transfers and cash transactions.

Most of the bank’s dollar sales were directed towards bolstering balances abroad in the form of transfers and credits, totaling $230,445,778, representing a 96% increase compared to cash sales, which amounted to $10,270,000.

Furthermore, Three banks purchased cash dollars, while 17 banks met requests to bolster balances abroad.

The total number of exchange companies and intermediaries participating in the auction was 38 companies.

Noteworthy, CBI conducts regular currency auctions to manage the country’s monetary policy and stabilize the exchange rate of the local currency.

These auctions serve as a mechanism for banks and financial institutions to buy and sell foreign currency, primarily the US dollar, to meet the demands of importers, travelers, and other entities requiring foreign exchange.

The auctions are a crucial tool for CBI to control inflation, manage liquidity in the banking system, and maintain confidence in the national currency.

Additionally, the auctions play a role in regulating the flow of foreign currency in and out of the country, helping to manage Iraq’s balance of payments.

Monitoring the results and trends of these auctions provides insights into the overall economic health and stability of Iraq’s financial system.

If the RBA delivers a hawkish verdict, AUDUSD will almost certainly rally—possibly above 0.66400. Conversely, should the RBA indicate the preparedness to cut the rates in summer, AUDUSD may trend lower or stabilise in the 0.65200 – 0.66000 range.

Federal Reserve

The most important event of the week will be the Fed’s policy rate decision, which is due on Wednesday at 6:00 p.m. UTC. The U.S. central bank is arguably the most important central bank in the world as it issues the world’s reserve currency, the U.S. dollar. Therefore, its decisions are always highly anticipated by the market, and, in fact, they often overshadow the decisions of other central banks.

This time, however, the Fed’s decision is even more important because it will be accompanied by the publication of the latest FOMC Economic Projections report. This report is critical for the market because it includes the ‘dot plot’, showing how each Fed member projects future interest rates. The Fed only publishes its projections four times a year so that investors will study them carefully.

Last time, 17 of 19 Fed officials projected lower interest rates by end-2024, effectively providing a green light for traders to price in a more aggressive Fed cutting cycle. On the day the Fed telegraphed its previous projections, gold price (XAUUSD) rallied more than 2% and then increased by another 3% throughout ten trading sessions. So the importance of the upcoming Fed’s decision should not be underestimated.

According to Reuters, analysts expect the Fed to maintain its Funds Target Rate in the 5.25 – 5.50% range. However, the market expects roughly 75 bps worth of rate cuts in 2024. Thus, traders are not positioned to see a ‘hawkish surprise’ from the Fed. It is a risky position because surprise may be coming as inflation remains sticky. The latest U.S. Consumer Price Index (CPI) came out higher than expected, while the Producer Price Index (PPI) accelerated to 1.6% in February (from 0.9% in January).

Overall, the Fed is likely to err on the side of caution and strike a delicate balance, indicating that while inflation remains a problem, rate cuts in 2024 are not out of the question. Still, investors will probably have to push back their expectations for an early rate cut, and the probability of a 25-bps rate reduction in June may decrease. In this case, XAUUSD will probably correct to the downside—possibly towards the 2,140 – 2,130 area.

Swiss National Bank

SNB’s decisions rarely move the markets sharply. However, the Swiss franc (CHF) may devalue if the SNB announces a rate cut or gives a dovish message on Thursday at 8:30 am UTC. The probability of a 25-bps rate cut currently stands at 33%, but most market participants expect the first rate cut in June. Indeed, SNB is likely to hold the rates steady at its next meeting as monthly inflation accelerated to 0.6% in February. Projecting what would happen to USDCHF after the SNB decision is tough because the Fed’s decision will overshadow it. The key levels to watch are 0.87000 on the downside and 0.89000 on the upside.

Bank of England

The week will wrap up with the BOE’s verdict, due on Thursday at 12:00 p.m. UTC. GBPUSD has recently managed to escape its three-month-old trading range and set an eight-month high. However, the pair has been on the downside lately as inflation figures from the U.S. disappointed investors, while the U.K. labour market showed signs of weakness. According to the interest rates swaps market data, investors are pricing in roughly 60 bps worth of rate cuts by BOE in 2024, with the first rate cut anticipated in either June or August.

As in the case of SNB, the BOE’s decision will be preceded by the Fed’s decision, so it is difficult to forecast where GBP pairs will move on Thursday. However, traders are advised to monitor any shift in BOE’s Monetary Policy Committee (MPC) rate voting. Previously, two MPC members voted for a rate hike and one for a rate hike. If the number of doves within the MPC increases, GBP will take a hit.

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The price of the dog-themed cryptocurrency Shiba Inu (SHIB) has dipped in the last few days in response to profit-taking.

If today closes in red, SHIB would mark its third consecutive day of losses, culminating in a 29% decline weekly. At the time of writing, SHIB was down 15% in the last 24 hours to $0.00002476.

Shiba Inu’s decline comes amid a broader drop in the crypto markets at the week’s close, as investors considered the outlook for interest rates after inflation data released Thursday came in higher than expected.

Despite the recent price dip, the dog-themed cryptocurrency has managed to hold its footing at a crucial 81 trillion SHIB level, a testament to its resilience in a fluctuating market.

According to IntoTheBlock data, where Shiba Inu currently trades, 81.94 trillion SHIB was bought by 115,950 addresses between the price range of $0.000022 and $0.000028 at an average price of $0.000025.

Maintaining this level is crucial for the confidence of SHIB holders, as it signals stability and potential for recovery.

A somewhat weak support exists away from the SHIB present price level, where 35.53 trillion SHIB were purchased by 29,290 addresses for an average price of $0.000021 in the $0.000019 to $0.000022 range.

This is due to Shiba Inu’s rapid advance at the start of March, which left it with little time to build support around its current trading range.

Moving ahead, Shiba Inu faces a lesser hurdle between $0.000028 and $0.000031, with 15.31 trillion SHIB purchased among 39,310 addresses at an average price of $0.000029.

Looking ahead, the ability of Shiba Inu to sustain the 81 trillion SHIB level will be closely watched by the crypto community.