Bitcoin Weekly (6/26/2023)

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Written by

CryptoMasterMiner

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

10 months ago

In community: Everything Crypto(f12e)

Topics: Bitcoin, Cryptocurrency, Crypto, Cryptocurrencies, BTC, ...

Bitcoin Weekly - Edition 65

Greetings from the Emerald Coast of Florida as I'm on our annual family vacation! Man, I love the beach, almost as much as I love Bitcoin these days...

Bitcoin (BTC) crossed and held the $30K mark this week hitting a new high for 2023 and recording its highest weekly close. Looking at technical analysis, we call this a "higher high" and to traders that signals a clear uptrend in the price of BTC. After much sideways trading since the end of the first quarter, this bullish trend is welcomed by investors and ideally brings more fresh new highs for 2023.

Can this bullish trend continue?

Obviously $30K is an important mark for BTC and making that a floor and staying above that mark could do wonders for the crypto market as a whole. Bitcoin did briefly cross the $31K mark before some retreating but it is continuing to hold gains despite some profit taking which was to be expected at these levels. With more than a 15% gain during the week, a slight pullback was in order. The jump pushed Bitcoin's total market dominance close to 50%, over by some measures, and we could see some on-chain transfers from BTC to altcoins which are now playing catch up. But on-chain data also shows nearly $200 million in BTC inflows last week following nine weeks of outflows. In fact, that amount cut the total outflows from the past two-plus months in half since it was such a massive figure.

The quick rise last week also further pushed Bitcoin's divergence strength away from the stock market correlation it was so strongly tied to for much of the crypto winter. The largest cryptocurrency has been particularly correlated to technology stocks as represented by the NASDAQ 100, but last week's gains have pushed the correlation figures to three-year lows. For those heavily invested in stocks, this is welcome news as crypto had offered little diversity to portfolios as of late.

This coming week we have a few interesting things of note on the calendar. Most notable, we have Federal Reserve Chairman Jerome Powell holding two days' worth of discussions regarding the economy on Thursday and Friday. If you have read any of my past 64 editions of Bitcoin Weekly, you know how much Powell's comments can move the crypto market. Most analysts believe that the Fed will once again resort to raising rates when it next meets in July with the FedWatch Tool having 70% of analysts expecting another rate hike.

We also have the latest set of U.S. Personal Consumption Expenditures (PCE) Index figures to be released after Powell wraps up his speeches. This is a leading inflation indicator and could potentially play a key role in the Fed's next major rate decision. But with a hike already factored into the market, I'm not sure this will have much negative impact if it shows inflation still somewhat simmering. That said, if it is positive news, get ready to paint the BTC weekly candle very green indeed.

As we get ready to enter the month of July, I should note that BTC has gained more than 20% in the past three years during this summer month in the Northern Hemisphere (24%, 20%, and 27% respectively). That is a good omen for an asset coming off a great week. Another 20% gain from $30K would equate to a $6,000 rise in price. Who doesn't like the sound of that?

The Crypto Fear and Greed index highlighted below is 59, up 12 points from where it stood last week and moving into the "Greed" range.

It has been a great week for Bitcoin, but I'm getting off the charts now and back into the warm waters of the Gulf of Mexico!

Ten Must-Read Bitcoin Articles This Week

What Does Blackrock's Bitcoin ETF Mean for Crypto? (Morningstar)
How could the Chinese economic crisis impact Bitcoin and crypto? (Cointelegraph)
Bitcoin, Tech Stock Correlation Hits Three-Year Low (Decrypt)
Leveraged bitcoin futures ETF launch set for Tuesday (Blockworks)
Bitcoin needs to survive recession to show bulls 'divergent strength' (Yahoo Finance)
Bitcoin (BTC) Trades at $1,000 Discount on Binance US, Here's What Happened (U. Today)
Bitcoin is not Money: South Korean Court Says, What’s the Catch? (Coach Potato)
Bitcoin Investment Sentiment Turned Bullish After Largest Weekly Fund Inflow in a Year (CoinDesk)
How to Earn Bitcoin or Ethereum by Playing Bling Mobile Games (Decrypt)
Coinbase Credit lends Hut 8 $50M to support Bitcoin treasury (Cointelegraph)

Bitcoin Price Statistics (as of 6/25/2023, weekly close)

Bitcoin Price = $30,267
Last Week = $26,340
Weekly High = $31,185
Weekly Low = $26,340
Market Cap = $587,385,748,920
Market Cap Dominance = 48.35%
Trading Volume = $13,286,215,198
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

In 2011, Ross Ulbricht, an amateur programmer, established and operated Silk Road, an illicit online marketplace primarily utilized for facilitating illegal drug transactions and engaging in money laundering activities, utilizing the cryptocurrency Bitcoin.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 364.54 EH/s
Difficulty = 52.35T
Emission (24hr) = 906.3 BTC
Circulating Supply = 19.41M (92.4%)

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) *