Bitcoin Weekly (3/20/2023)

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Written by

CryptoMasterMiner

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

1 year ago

Topics: Cryptocurrency, Crypto, Cryptocurrencies, Bitcoin, Finance

Bitcoin Weekly - Edition 51

Remember that first "Death Cross" Bitcoin hit on the technical charts a couple of weeks back? Looks like everyone forgot! Bitcoin (BTC) had a tremendous week climbing to its highest price point since June earlier today and nearly climbing 70% thus far in 2023. It is a bullish start to another week for the largest digital currency despite continuous bad news regarding the banking sector.

With one eye on interest rates and one eye on $30K, BTC is leading the way for other cryptocurrencies that are trying to ride its coattails. A rising tide does indeed lift all ships, yet Bitcoin's sails are just a little bit higher than everyone else's as it is closing in on 45% of the overall crypto marketplace. Could the bear market that crushed valuations last year finally be over? That is the million-dollar question as greed begins to work its way back into investors' mindsets that have been sitting on the sidelines for a long, long time.

Wednesday marks the release of the Fed's latest interest rate hike decision. Bitcoin's price has been very volatile as of late so expect a decisive move one way or another depending on market sentiment after the announcement. One positive effect of the current banking crisis is that it could help curtail the Fed's ability to keep raising rates. We don't want any more bank failures do we Mr. Powell? Increasing rates will hurt the banking system further and combined with the potential economic fallout the Fed must weigh how that stacks up in terms of importance versus their current battle with inflation.

Analyst expectations call for a 25-basis point hike, but I'm leaning toward a pause in raising rates. Call it wishful thinking on my part. My optimism also calls for a further rise in Bitcoin should that occur. Fingers crossed. The forecast in rates for the rest of the year could also boost markets even if the Fed does raise the rates as most analysts expect. Regardless, Bitcoin has a thirst for liquidity which has risen significantly in the last week or so thanks to an injection to protect from current bank issues.

Technically, there are quite a few bullish indicators out there right now for BTC. The 14-day relative strength index (RSI), however, is closing in on a reading of 73 which would indicate we are currently "overbought" and there could be a slight fall. If Bitcoin can continue to push towards 75 we should be seeing BTC in the $30K territory. That is pretty amazing given we were under $20K just ten days ago. The roughly 30% increase in Bitcon's price also means it has gone past the upper range of its Bollinger Band.

The Crypto fear and greed index highlighted below is at 66 and up 17 points from last week, moving into the "Greed" range and a big jump from the 33 it sat at just two days ago.

Ten Must-Read Bitcoin Articles This Week

Investors shelter in short-term Treasuries, reducing Bitcoin's chance of rallying to $30K (Cointelegraph)
Carbon Accounting Attacks Bitcoin Mining (Bitcoin Magazine)
Digital Asset Outflows Continue for 6th Week Despite Bitcoin Price Surge (CoinDesk)
Is Bitcoin Following An Explosive 1970s Gold Fractal? (Bitcoinist)
Bitcoin at ‘redemption arc’ as banking pressures rise, says AllianceBernstein (Marketwatch)
Why is bitcoin surging following SVB's collapse? (The Spectator)
Bitcoin and Stablecoins Will Bring Crypto Mass Adoption to Africa, Experts Say (CoinDesk)
How Real Bedford Combines Bitcoin, Soccer (Bitcoin Magazine)
NFT Marketplaces Battle for Bitcoin Ordinals Mindshare (Blockworks)
Open Interest in Bitcoin Futures Hits Yearly High of $12B (CoinDesk)

Bitcoin Price Statistics (as of 3/19/2023, weekly close)

Bitcoin Price = $27,959
Last Week = $22,428
Weekly High = $28,376
Weekly Low = $22,071
Market Cap = $547,703,041,438
Market Cap Dominance =44.705%
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

Analysis of the first 36,289 mined blocks showed that one miner, many believe to be Satoshi Nakamoto, had accumulated over 1 million Bitcoins.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 340.40 EH/s
Difficulty = 43.55T
Emission (24hr) = 956.3 BTC
Circulating Supply = 19.32M (92.0%)

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

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