Bitcoin Weekly (2/7/2023)

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Written by

CryptoMasterMiner

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

1 year ago

In community: Finance & Economy(7b5b)

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

Bitcoin Weekly - Edition 45

Bitcoin (BTC) had a down week to kick off February falling nearly 4% after a dramatic run-up to start the year. It started last Monday as BTC followed the stock market losses before a boost of all things from the Federal Reserve's meeting communications before falling again the rest of the week. Perhaps the largest cryptocurrency needed a little break, or profit-taking, before resuming its upward trajectory as investors hope.

It does feel slightly gloomy heading into the week as the Bears began to show themselves and a further pullback does seem likely this week. We did, after all, have almost 40% gains in January and greed creeping back into risk assets like Bitcoin. BTC fell under $23K last week failing to hold key resistance levels as trading in Asia pushed the coin lower to kick off the new week. While Bitcoin has quite a bit further to fall before reaching the psychologically important $20K mark, the question is will BTC slide back there in the near future? Keep an eye on $22.5K, a spot I'm looking at as the next resistance test to hold above.

We did have a stronger-than-expected jobs report in the United States that sent stocks down on Monday to start the week with Bitcoin and other cryptocurrencies following suit. US jobs grew by 517K, almost three times more than expected, reaching a 53-year low in the unemployment rate.

There isn't any major macroeconomic news left to really fret about before next week’s CPI (consumer price index) data release. We should be in store for a relatively quiet week ahead so the recent price volatility could settle down as the market awaits its next set of price direction signals. Bitcoin miners, more profitable as of late, continue to sell their BTC holdings at very high levels. Interestingly, when looking at on-chain market data the number of small-time holders seems to be increasing rapidly once again. That psychologically important $20K mark apparently is even monitored by those not holding Bitcoin because since crossing that mark again those holding a minimal amount of the coin have ballooned.

The Crypto fear and greed index highlighted below, is at 56 and down 5 points from last week and remaining in the "greed" range for the second straight week.

Ten Must-Read Bitcoin Articles This Week

Fed Policy Win Could Harm Bitcoin’s Wall Street Narrative (Cointelegraph)
You’re Still Early: An Objective Look At Bitcoin Adoption (Bitcoin Magazine)
With a New NFT Launch, Is Bitcoin About to Soar Even Higher? (The Motley Fool)
Weekly Inflows Hit $69M for Bitcoin Investment Products: Report (Tokenist)
Bitcoin: Will It Run Doom? Kinda (Decrypt)
Why Multisig Is Essential For Anyone Who Believes In Bitcoin (Bitcoin Magazine)
Is it possible to achieve financial freedom with Bitcoin? (Cointelegraph)
This Will Be Important For Bitcoin And Crypto This Week (Bitcoinist)
NFT transaction sends biggest shock on Bitcoin network in recent history (AMBCrypto)
Bitcoin Addiction: Spanish Rehab Center Offers Mental Counseling For Crypto Depression (Bitcoinist)

Bitcoin Price Statistics (as of 2/6/2023, weekly close)

Bitcoin Price = $22,936
Last Week = $23,746
Weekly High = $23,210
Weekly Low = $22,738
Market Cap = $441,292,775,126
Market Cap Dominance =39.983%
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

The Bitcoin network has a handling power of over 80,000,000 petaflops. To put that in perspective, the world’s quickest supercomputer is known as the Summit and it operates at 122.3 petaflops meaning it performs a quadrillion floating point tasks every second.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 306.78 EH/s
Difficulty = 39.35T
Emission (24hr) = 850 BTC
Circulating Supply = 19.28M (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) *