Bitcoin Weekly (10/17/2022)

Bitcoin Weekly - Edition 29 

Bitcoin (BTC) continued to trade in a narrow range last week but that could come to an end given all the volatility potential in the market as it stands. BTC continued to trade somewhat above $19K, an area that has become all too common as of late.

This week we will receive a slew of earnings reports in the United States with Bitcoin enthusiast watching the major technology stocks. Personally, I don't have a lot of faith in a strong earnings season this go around and hope to be pleasantly surprised. I also think the market is factoring in a somewhat disappointing earning season paired with a continuing strong US dollar. 

From a technical analysis standpoint, the RSI is looking very similar to the 2018 bottom and the Bollinger bands continue to narrow which indicates a big move is in storm. My guess is that we will have another major drop relatively soon, although a slight move up could occur first given traders false hope. Believers continue to HODL in big numbers meaning the BTC being traded is rather limited which could also lead to a big move one way or another.

The Crypto fear and greed index, highlighted below, is at 20 and down two points from last week staying in the "extreme fear" range extending its record streak in that range. We are at about two months of fear and extreme fear with a typical strong bear market index usually bottoming out around ten.

Ten Must-Read Bitcoin Articles This Week

• Fed Pivot May Not Bring Immediate Relief to Bitcoin (CoinDesk) 

• Bitcoin mining difficulty hit an all-time high even with depressed prices (CNBC)

• Mastercard To Help Banks Offer Bitcoin And Crypto Trading (Bitcoin Magazine)

• Pay No Attention to the Price of Bitcoin and Ethereum (Decrypt) 

• Bitcoin As A Human Rights Platform (Forbes)

• Bitcoin in space is good for user privacy, says Adam Back (CoinTelegraph)

• Regulation Is Coming And Bitcoin Will Benefit (Bitcoin Magazine)

• Is Bitcoin a Hedge Against Inflation? (The Motley Fool)

• Bitcoin Whale Moves 500 BTC Dormant Since 5+ Years Ago (Bitcoinist)

• Bitcoin To Gain 1B Unique Users By 2030, Claims Top Analyst! (Coinpedia)

Bitcoin Price Statistics (as of 10/16/2022, weekly close)

• Bitcoin Price = $19,262

• Last Week = $19,470

• Weekly High = $19,872

• Weekly Low = $18,372

• Market Cap = $374,971,036,027

• Market Cap Dominance =38.413%

• All-Time High = $69,044.67 on November 10, 2021

Bitcoin Fun Fact of the Week

Couldn't get your BTC transfer to work today? An 85-minute block interval left 13,000+ transactions stuck in a long pending state earlier today (Monday, September 17).

Bitcoin Mining Statistics

• Miners = 5,387,365

• Hashrate = 246.47 EH/s

• Difficulty = 35.61T

• Emission (24hr) = 843.8 BTC

• Circulating Supply = 19.18M (91.3%)

statistics provided by MiningPoolStats

Crypto Fear & Greed Index

index provided by Alternative

Where to Buy and HODL Bitcoin (Referral Links)

• Coinbase (Get $10 in Bitcoin)

• Crypto.com (Get $25 to sign up)

• KuCoin (Lend out your Bitcoin)

• Midas Investments (Get 6.5% APY on your Bitcoin)

What 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 whitepaper, please read I Finally Read the Bitcoin Whitepaper on Publish0x written by CryptoMasterMiner

Find Bitcoin on Bitcoin.org, Reddit, Twitter, Instagram, Facebook