Bitcoin Weekly (4/10/2023)

0 30

Written by

CryptoMasterMiner

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

1 year ago

In community: Everything Crypto(f12e)

Topics: Bitcoin, Cryptocurrency, Crypto, Finance, Economy

Bitcoin Weekly - Edition 54

Bitcoin (BTC) continues to remain in bullish territory despite a slight dip week over week. It was a relatively quiet week for the largest cryptocurrency which makes up around 45% of the overall market with eyes looking to the week ahead with some interesting potential volatility drivers on deck. BTC got off to a hot start to the week on Monday putting $30K well within striking distance.

First up is the consumer price index (CPI) data due Wednesday. It appears inflation is starting to ease and investors will welcome further evidence of this in the CPI figures if they show prices being tamed. The release of CPI data tends to add a dose of volatility to the markets and this is especially true of risk assets like crypto. Lower inflation could mean the hawkish Fed finally decides to put a halt to rising interest rates further at their next meeting. Personally, I believe the Fed plans to raise rates a quarter percent one more time regardless of macroeconomic data before pausing.

Also on Wednesday, the Fed will release the minutes of its latest Federal Open Market Committee (FOMC) meeting, which could further add to volatility for Bitcoin. But wait, there is more.

On Thursday, we have the release of US Producer Price Index (PPI) data followed by both consumer sentiment data and retail sales data on Friday to close out the week. If you are looking for macroeconomic news to help you decide which way the crypto winds are blowing, this is the week for you.

Making things interesting for Bitcoin is its relation to other assets. Its correlation to the US dollar remains strong but declining and it looks like the dollar could fall further in the next few weeks. Bitcoin seems to have diverged its correlation to US stocks, in particular, the NASDAQ recently, moving more in tandem with gold which is an interesting development.

In crypto specifically, we have the Ethereum (ETH) Shanghai upgrade on tap this week. Analysts remain split on the impact the upgrade will have now that investors can start to unstake their Ether. Many believe this ability means many will unstake and sell their ETH, personally, I don't see this as a negative and don't foresee widespread selling.

Longer term we are about 57 weeks from the next BTC halving and that tends to be a real catalyst for a Bitcoin bull market. The price of BTC is already up 70% so far this year and with nearly one million wallets now owning at least one Bitcoin, with over 46 million total wallets owning some BTC, the scarcity of the digital currency gives it plenty more upside to grow.

Looking at technical analysis this week and a stat I don't look at very often, as pointed out in the "Bitcoin Tweet of the Week" below, crypto analyst and trader Ali Martinez told his followers that the Adjusted SOPR (aSOPR) index (Spent Output Profit Ratio) has exceeded "1" which signals the possibility of a parabolic rise for Bitcoin.

The Crypto fear and greed index highlighted below is 62 and up one point from last week remaining in the "Greed" range for the fourth consecutive week.

Ten Must-Read Bitcoin Articles This Week

BRICS Nations Drive Bitcoin Adoption (Bitcoin Magazine)
Over 50% of Bitcoin Supply Unmoved Since Bear Market Began (BeinCrypto)
Surprise Bitcoin Easter Egg Fuels Wild Satoshi Nakamoto Identity Theory (Forbes)
For the First Time: Bitcoin Options Open Interest Higher Than Futures, What Does it Mean? (CryptoPotato)
Bitcoin (BTC) Readies to Go Parabolic, This Historical Data Shows (U.Today)
Bitcoin adoption skyrockets: Nearly a million addresses now hold 1+ BTC (Finbold)
The state of the Bitcoin Lightning Network in 2023 (Cointelegraph)
Do Academics Treat Bitcoin Fairly? (Bitcoin Magazine)
New York Times Attacks Bitcoin With Piece Full Of Misinformation (Bitcoinist)
The Real-World Costs of the Digital Race for Bitcoin (New York Times)

Bitcoin Price Statistics (as of 4/9/2023, weekly close)

Bitcoin Price = $28,326
Last Week = $28,616
Weekly High = $29,021
Weekly Low = $27,629
Market Cap = $546,226,407,328
Market Cap Dominance =44.498%
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

Why does the price of Bitcoin fluctuate so wildly compared to other investments like stocks and bonds? These other investments have intrinsic value based on corporate earnings and cash flow, however, BTC is a risk asset with no underlying intrinsic value whose value is simply based on investor sentiment.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 358.16 EH/s
Difficulty = 47.89T
Emission (24hr) = 806.3 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

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