Bitcoin Weekly (4/3/2023)

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Written by

CryptoMasterMiner

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

1 year ago

Topics: Cryptocurrency, Crypto, Bitcoin, Finance, Economy, ...

Bitcoin Weekly - Edition 53

In the first week of April 2022 we launched Bitcoin Weekly and we are still going strong exactly one year later... Thank you for reading each week on Monday as we look at the week ahead and what will contribute to Bitcoin's price going up or down. We added Ethereum Weekly on Fridays to recap each week's news and the impact it had on the cryptocurrency markets.

Bitcoin (BTC) had a solid week despite another rate hike from the Fed and now has its eyes firmly set on the $30K mark. It was a very good opening quarter for Bitcoin which rose 72.6% to be one of the best-performing assets around in 2023. The technology-heavy NASDAQ, which BTC often follows, also had a strong first quarter rising 16.8%. Gold rose 8.8% during the same time period and the S&P 500 gained 7% while the dollar fell one percent.

With inflation still being a major factor in BTC's price action, we have some news from the oil industry that won't help the largest cryptocurrency to keep moving up and to the right. OPEC announced that its members would be voluntarily cutting production volume by 1.65 million barrels each day. This, in turn, will raise energy costs which always has a big impact on the price of goods leading to higher inflation. As you can imagine, the news this morning was not welcomed by investors in crypto and other assets. BTC dropped below $28K before it shrugged off the news and reclaimed the mark.

We have a supply issue with Bitcoin in the works. BTC is drying up and its liquidity is at a ten-month low thanks in large part to recent bank failures. According to analytics firm Glassnode, 2,691,418.953 BTC, or roughly 14% of the total supply, has not left wallets since at least April 2013.

Looking at the technical charts it appears Bitcoin is forming what is called a "double bottom" at the moment. To fully form the "M" shaped pattern, BTC would have to fall below the $27K mark to finish the second bottom. This pattern typically indicates a market reversal and is seen as bullish and investors will often take a long position on the asset forming the pattern.

We have some bullish potential in the crypto markets with Ether's Shanghai upgrade due up in the next week or so and Bitcoin's halving acting as another driver in the longer term. Buying patterns have emerged around $1.7K for ETH and at $27K for BTC, with resistance levels coming in around $1,850 and near $29K respectively for the two largest cryptocurrencies which make up around 60% of the total crypto market.

The Crypto fear and greed index highlighted below is 61 and down one point from last week remaining in the "Greed" range for the third consecutive week.

Ten Must-Read Bitcoin Articles This Week

Long-Term Bitcoin Holders Gobble Up $13,400,000,000 Worth of BTC in Q1 2023 (The Daily HODL)
Has Bitcoin Benefited From the Banking Crisis? Not in the Way Its Fans Hoped. (New York Times)
U.S. Government Sells Bitcoin Seized From Silk Road Case, Netting Over $215 Million (Forbes)
Bitcoin Thesis Becomes Amazon Best Seller (Decrypt)
Texas Is Bitcoin Country, With Or Without The U.S. (Bitcoin Magazine)
Bitcoin Liquidity Is Drying Up as Crypto ‘Tourists’ Recoil From Industry Disorder (Yahoo Finance)
Bitcoin for Beginners: What You Need to Know about BTC (Nerd Wallet)
Bitcoin price history Apr 2013 - Mar 30, 2023 (Statista)
April Seasonality in Favor of Bitcoin and Stocks (CoinDesk)
Best bitcoin IRAs of 2023 (USA Today)

Bitcoin Price Statistics (as of 4/2/2023, weekly close)

Bitcoin Price = $28,195
Last Week = $27,975
Weekly High = $29,021
Weekly Low = $26,777
Market Cap = $546,047,426,681
Market Cap Dominance =44.649%
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

When Bitcoin started in January 2009 the network itself wasn't too popular as the only transactions on the blockchain were made by Satoshi.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 350.57 EH/s
Difficulty = 46.84T
Emission (24hr) = 925 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) *