Bitcoin Weekly - Edition 68
Bitcoin (BTC) spent the week above the important $30K mark before slipping below on Monday to kick off the new week. The largest cryptocurrency quickly recovered after finding a strong resistance level where buyers are looking to snap it up. It sure seems Bitcoin has been stuck in neutral for quite some time in a tight battle between bulls in bears with neither side finding enough footing to take charge.
The $30K BTC price range has a lot of on-chain action these days and seems to be where most investors are making their moves based on the high transaction volume there. Both buyers and sellers are turning in their orders right around that range and whales appear to be looking to accumulate at anything close to or below their key price point.
With a slight green candle to end the week, I guess we should all be happy after meandering through a tight trading range. Still, without much microeconomic news coming out this week and the next Fed meeting about ten days away, I think we are in for more of the same. The biggest bit of data to look out for is the jobless claims report due out on Thursdays. Much of the inflation-based indicators have been cooling for months but the still hot job market in the United States has been spooking Jerome Powell and his government pals thinking more inflation fighting is necessary. Also, keep an eye on the earnings reports coming out this week with around ten percent of the S&P releasing company earnings.
Internationally, China’s GDP growth slowed to 6.3% last quarter which was below analyst estimates and not a great sign for their behemoth economy.
General investor sentiment seems to be "ho-hum" and has become perhaps bored with minimal volatility or direction in the market presently. If we look at the technicals, the relative strength index (RSI) is still above 50 which is bullish but is in a bearish decline which isn't. Overall, Bitcoin's technicals are leaning more bearish so we can expect more pressure on the downside and testing of the $30K resistance level after the euphoria of the Ripple win over the SEC has worn off. Speaking of the SEC, they just approved BlackRock's Bitcoin ETF application and now have it in review. Full approval of the spot ETF could have a "ripple" effect across the crypto world, pun intended.
An ETF allows investors to own Bitcoin without actually holding any of the coin and can be traded on stock markets bringing digital currency investment to the masses and leading to greater overall adoption. BlackRock is the world's largest asset manager with nearly $10 trillion under its management. Major TradFi companies like Fidelity Investments and Invesco have followed BlackRock's leading and have put in applications for their own spot Bitcoin ETFs.
Bitcoin futures are trading at neutral to added premium prices indicating a bullish near-term outlook for BTC. But once again, I'm seeing bearish short-term trends and expect Bitcoin to spend more time in the red this week as we wait for the next decision by the Federal Reserve.
The Crypto Fear and Greed index highlighted below is 54, down two points from where it stood last week and remaining in the "Greed" range.
Finally, happy birthday to my younger brother... Love ya, bro!
Ten Must-Read Bitcoin Articles This Week
- Bitcoin and crypto brace for further upside as equities look to extend their recent gains (Cointelegraph)
- Bitcoin Funds See Largest Consecutive Weekly Buys Since 2021 (Decrypt)
- This Is How Much Bitcoin (BTC) Has Been Lost Forever: ITB Data (CouchPotato)
- Don’t Expect Everyone To Embrace Bitcoin (Bitcoin Magazine)
- Bitcoin Lightning Network is now supported by Binance (Blockworks)
- Will BlackRock Scams Scupper Its Spot Bitcoin ETF? (BeinCrypto)
- Bitcoin Funding Rates Looking Bullish, Here's What It Means (U.Today)
- Inflows into crypto investment funds rise as Bitcoin carries 99% of the load (Cointelegraph)
- Bitcoin Miners Selling Again, Will Price Crash Again? (NewsBTC)
- SEC Accepts Blackrock's Bitcoin ETF Application (Bitcoin.com)
Bitcoin Price Statistics (as of 7/16/2023, weekly close)
- Bitcoin Price = $30,235
- Last Week = $30,167
- Weekly High = $31,667
- Weekly Low = $30,131
- Market Cap = $588,042,403,479
- Market Cap Dominance = 46.879%
- Trading Volume = $10,748,368,393
- All-Time High = $69,044.67 on November 10, 2021
Up-to-the-Minute Bitcoin Price Statistics
statistics provided by CoinGecko
Bitcoin Fun Fact of the Week
To "B" or not to "b" is the question. For Bitcoin the "B" represents the Bitcoin protocol and payment network while the "b" refers to BTC or the actually digital currency that can be stored or used to perform transactions.
Bitcoin Tweet of the Week
Bitcoin Mining Statistics
- Miners = 5,321,099
- Hashrate = 350.24 EH/s
- Difficulty = 53.91T
- Emission (24hr) = 856.3 BTC
- Circulating Supply = 19.43M (92.5%)
statistics provided by MiningPoolStatsCrypto Fear & Greed Index
index provided by AlternativeWhat is Bitcoin?
Bitcoin (BTC) is a decentralized digital cryptocurrency. Bitcoin was invented by the person or persons under the pseudonym Satoshi Nakamoto as described in the Bitcoin Whitepaper released on October 31, 2008. The original cryptocurrency began trading in January of 2009 and could be transferred in a peer-to-peer fashion implemented using open-source software. The transactions are recorded and stored on a public LEDGER called a blockchain. Only 21 million Bitcoins will ever be minted with one million being owned by its creator(s).
For more on Bitcoin, please read What is Bitcoin? [A comprehensive Guide to Understanding Bitcoin] on PUBLISH0X written by Mr.CryptoWiki
For information on the Bitcoin white paper, please read I Finally Read the Bitcoin Whitepaper on Publish0x written by CryptoMasterMiner
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