Bitcoin Weekly (2/20/2023)

0 29

Written by

CryptoMasterMiner

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

1 year ago

In community: Finance & Economy(7b5b)

Topics: Bitcoin, Cryptocurrency, Crypto, Investing, Personal finance, ...

Bitcoin Weekly - Edition 47

Bitcoin (BTC) had a strong week retesting the $25K mark and finishing up close to $2.5K as the week ended before resuming its march higher today. The largest cryptocurrency hit a six-month high during the week as volatility remains as the battle between bulls and bears continues. We enter a critical final week of February after a remarkable January that saw BTC gain around 40%.

We don't have the same level of macroeconomic news on tap this week as we have had the past few weeks but still have some interesting potential market movers due this week. Perhaps the most scrutinized will be the February Federal Open Market Committee (FOMC) meeting notes release on Wednesday. Investors will pour over the report looking for clues as to the Fed's next move. It is expected to include information from Jerome Powell as to what a rate hike pause might look like. The Federal Reserve is known to sneak in "hawkish" hints into these reports and a repeat could send the markets lower. We also have the latest Personal Consumption Expenditures Index (PCE) figures which detail personal spending figures in the United States.

Switching to technical analysis, if we take a peek at the 200-day moving average we see that BTC has been below this mark for quite some time. This indicates we still are in a bear market making it tough for the bulls to take control. Bitcoin did flirt with the mark this past week with the 200-day moving average of around $25.2K which appears to be the current resistance level. On the flip side, the support level seems to be sitting around the 50-day moving average level a bit under $24.5K. With BTC behaving more volatile as of late, we are sure to break through one of these price levels which will decide what side is ruling the market.

Miners appear more bullish lately, holding onto more BTC than they are selling. The network's hash rate also continues to rise, another bullish sign, as it tends to do as the price of BTC climbs.

A report recently released from the Bank for International Settlements states that most Bitcoin investors who have invested since 2015 are in the red. The report says that retail investors have not done well in terms of BTC while whales and professional traders are still making money. This is bad news for the majority of us. The key takeaway is "A new data set on retail holdings of crypto-assets reveals that in the wake of the Terra/Luna collapse and the FTX bankruptcy, crypto trading activity increased markedly, with large and sophisticated investors selling and smaller retail investors buying." You can read the BIS Bulletin number 69 here.

The Crypto fear and greed index highlighted below, is at 58 and up 10 points from last week and moving into the "Greed" range.

Ten Must-Read Bitcoin Articles This Week

Binance takes over 98% of all Bitcoin spot trading volume (CryptoSlate)
Bitcoin surpasses Visa’s market cap to be 11th largest asset in the world (Yahoo Finance)
Is This The Real ‘Mysterious’ Reason Behind The Sudden $100 Billion Bitcoin, Ethereum And Crypto Price Boom? (Forbes)
Get Some Non-KYC Bitcoin Before You Need It (Bitcoin Magazine)
How bitcoin bounced back after FTX (The Spectator)
Bitcoin [BTC]: The two metrics that are crucial to your holdings this week (AMBCrypto)
How the Ordinals movement will benefit the Bitcoin blockchain (Cointelegraph)
Sustainable Bitcoin Protocol seeks to clean up mining (Sustainability Mining)
Whales Move $384,900,000 in Bitcoin and Two Ethereum-Based Altcoins in Span of Just 8 Minutes (The Daily HODL)
What is Bitcoin and how does it work – Pros and cons of Bitcoin investment (FXStreet)

Bitcoin Price Statistics (as of 2/19/2023, weekly close)

Bitcoin Price = $24,302
Last Week = $21,782
Weekly High = $25,112
Weekly Low = $23,880
Market Cap = $482,996,790,844
Market Cap Dominance =40.557%
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

We expect the maximum number of Bitcoins to happen around 2140.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 322.47 EH/s
Difficulty = 39.16T
Emission (24hr) = 962.5 BTC
Circulating Supply = 19.3M (91.9%)

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) *