Bitcoin Weekly (12/5/2022)
Bitcoin Weekly - Edition 36
We have finally reached the last month of the crypto winter year of 2022! Bitcoin (BTC) like almost all cryptocurrencies, has had a rough 12 months or so after reaching its all-time high in November of 2021. To start the year, Bitcoin sat at $47,816 and it has continued to fall steadily ever since outside of the major collapses of Terra Luna and FTX when it has tumbled hard.
Bitcoin did finish the week with its third straight green candle and closed back above $17K. Most of the positive movement is likely the result of following stocks, a weakening US dollar and some time distance from FTX disaster. Last year we didn't see a "Santa Rally" in December, could the hefty white bearded fellow appear in the charts this year? Stay tuned...
As for macroeconomic news due this week we have the Consumer Price Index (CPI), U.S. Producer Price Index (PPI) and jobless data all being released in the US. I believe all three will have minimal effect on the price of BTC with US stocks being the big driving factor as we close out the year. A positive close to US stocks could push Bitcoin towards the $20K mark while a fall could take the largest cryptocurrency below $15K.
The technical data point I look at the most for Bitcoin is RSI (relative strength index) and it is sitting at the lowest point in BTC history with a November close below 39. Bitcoin also finished its fourth straight month below an RSI of 42 (and below 43 for six straight months), something that has also never happened before. RSI is a measurement between 0-100 that looks at an assets price movement compared to its averages. Previous cycle lows have been in the 40's but BTC can sit at these low levels for some time still so don't expect a quick turnaround.
The Crypto fear and greed index, highlighted below, is at 26 and down two points from last week and remaining in the "fear" range for the second consecutive week.
Ten Must-Read Bitcoin Articles This Week
A European Central Bank Blog Decries the End of Bitcoin, and We Aren't Buying It (CoinDesk)
How can UK-based businesses accept Bitcoin? (Cointelegraph)
This Has Never Happened to Bitcoin Before. That's Why I'm Buying (Motley Fool)
Does Bitcoin Beat Inflation? (Forbes)
Yet Another Bitcoin Price Model Fails (U.Today)
What Impact Does Jerome Powell Have on Bitcoin (BTC) Price? (BeinCrypto)
Bitcoin's last stand (European Central Bank)
How Profitable are Bitcoin Investments (Crypto Reporter)
This Group of Traders is Saving Bitcoin Market, Here's Who They Are (U.Today)
Bitcoin Price Statistics (as of 12/4/2022, weekly close)
Bitcoin Price = $17,106
Last Week = $16,246
Weekly High = $17,362
Weekly Low = $16,143
Market Cap = $328,497,963,690
Market Cap Dominance =36.693%
All-Time High = $69,044.67 on November 10, 2021
Bitcoin Fun Fact of the Week
The Mt. Rushmore of BTC holders (top four holders of Bitcoin) are:
Satoshi Nakamoto (1.1 million BTC)
The Winklevoss Twins (70,000 BTC)
Tim Draper (29,000 BTC)
Michael Saylor (17,732 BTC)
Bitcoin Mining Statistics
Miners = 5,321,099
Hashrate = 272.57. EH/s
Difficulty = 36.95T
Emission (24hr) = 850 BTC
Circulating Supply = 19.23M (91.5%)
statistics provided by MiningPoolStats
Crypto 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
Find Bitcoin on Bitcoin.org, Reddit, Twitter, Instagram, Facebook
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