Bitcoin Weekly (1/23/2023)

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Written by

CryptoMasterMiner

DeFi Yield Farmer Liquidity Provider Crypto Lender, Miner, Investor & Blogger

1 year ago

In community: Cryptocurrency and Blockchain(7b7f)

Topics: Bitcoin, Cryptocurrency, Crypto, Economics, News, ...

Bitcoin Weekly - Edition 43

Bitcoin (BTC) had another big week gaining nearly $2K on top of the previous week's $3.7K gain giving it quite the two-week run early in 2023. While most investors, scared from a rough ride in 2022, remain bearish there are plenty of bullish signals fighting the market sentiment.

From a technical analysis standpoint, we have some interesting things happening with BTC currently, especially as it relates to RSI (relative strength index). This past week we had a long-anticipated bullish divergence on weekly timeframes for the first time in Bitcoin's history. RSI looks at an asset's current price relative to its price action over a given timeframe to determine if it is overbought or oversold at the current price. While new, the pattern is similar to the bottom of the 2018 bear market signals which is a bullish sign for the largest cryptocurrency.

Daily RSI stood around 87, the highest level since this time two years ago (January 2021) when BTC went on to set all-time highs.

The Crypto fear and greed index highlighted below, is at 50 and up another 5 points from last week remaining in the "neutral" range.

Ten Must-Read Bitcoin Articles This Week

Bitcoin: Is the rally resilient? (FX Street)
Bitcoin overtakes Tesla as $40 billion flows into BTC market cap in a week (Finbold)
Bitcoin mining in a university dorm: A cooler BTC story (Cointelegraph)
‘Bitcoin Has Started a New Bull Market.’ The Next Key Price Level to Watch (Barron's)
Markets: Bitcoin holds at four-month high above US$22,000, crypto market cap back over US$1 trillion (Yahoo Finance)
Wrapped Bitcoin (WBTC): Does the Reward Outweigh the Risks? (Investors Observer)
Craig Wright’s Blacklist Resembles Bitcoin ‘Kill Switch’ Satoshi Never Followed Through On (CoinDesk)
FBI Seizes Bitcoin From Overseas Scammers Who Posed as US Law Enforcement Officials (Bitcoin.com News)
America's first nuclear-powered Bitcoin mining center to open (Finbold)
Here's Why Mark Cuban Wants Bitcoin to Go Down a Lot Further (The Motley Fool)

Bitcoin Price Statistics (as of 1/22/2023, weekly close)

Bitcoin Price = $22,709
Last Week = $20,880
Weekly High = $23,083
Weekly Low = $22,399
Market Cap = $441,676,835,722
Market Cap Dominance =40.708%
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

The first time Bitcoin gained value was on October 12, 2009 when Martti Malmi, a Finnish developer that helped Satoshi work on Bitcoin, sold 5050 Bitcoins for $5.02. This gave 1 Bitcoin the value of $0.0009 at the time.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 284.13 EH/s
Difficulty = 37.59T
Emission (24hr) = 1006 BTC
Circulating Supply = 19.27M (91.8%)

statistics provided by MiningPoolStats

Crypto Fear & Greed Index

index provided by Alternative

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 white paper, please read I Finally Read the Bitcoin Whitepaper on Publish0x written by CryptoMasterMiner

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

* Where to Buy and HODL Bitcoin (Referral Links) *