Bitcoin Weekly (6/6/2022)

We have a green candle! Last week the "king of crypto" had it's first green candle after nine consecutive down weeks.

It was another Bitcoin (BTC) relief bounce over the last day with the coin holding above it's support levels currently sitting around $27K and $30K. BTC is continuing to follow stocks which were largely positive over to start the week. The RSI (Relative Strength Index) remained above 50, which is the neutral mark. Bitcoin is slowly heading higher after reaching it's current cycles low of $25,338 back on May 12. Expect to see the next resistance level starting around $33K which the coin now has firmly in it's sights.

The Crypto fear and greed index, highlighted below, is at 13 climbing three points from last week and remains in "extreme fear" currently a sign that investors are very nervous about Bitcoins price direction.

Ten Must-Read Bitcoin Articles

• A newly published book claims to tell the 'Real Story Behind Mysterious Bitcoin Creator' (Bitcoin.com)

• Libertarian Stalwart calls Bitcoin a speculation (Forbes)

• Bitcoin Might, in Fact, Be the Great ‘Equalizer’ (CoinDesk)

• Has JP Morgan become Bitcoin's best friend? (Bitcoin Magazine)

• Here's what mainstream media wrote about Bitcoin 11 years ago (Finbold)

• Warren Buffet doesn't believe in Bitcoin - should you? (Go Banking Rates)

• Survey: More than 70% of Salvadorans believe the Bitcoin Law has not improved their finances (Bitcoin.com)

• Why Terra's stabelcoin fell apart as Bitcoin fell (Axios)

• MicroStrategy CEO Saylor says Bitcoin's near-term volatility largely irrelevant (The Block)

• Bitcoin is the ultimate representation of energy (Bitcoin Magazine)

Bitcoin Price Statistics (as of 5/30/2022, 5:00pm EST)

• Bitcoin Price = $31,490

• Last Week = $31,321

• Weekly High = $32,206

• Weekly Low = $29,479

• Market Cap = $597,312,218,167

• Market Cap Dominance = 44.88%

• All-Time High = $69,044.67 on November 10, 2021

statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

Around 97% of people say they're confident in cryptocurrency today, and 52% say they no longer see crypto investing as a hobby. 55% actually look at crypto as a long-term investment strategy, responding to a distrust of the current financial system. - statistics found on FindStack

Bitcoin Mining Statistics

• Miners = 5,937,255

• Hashrate = 233.82 EH/s

• Difficulty = 29.90T

• Emission (24hr) = 9313 BTC

• Circulating Supply = 19.06M (90.8%)

statistics provided by MiningPoolStats

Crypto Fear & Greed Index

index provided by Alternative

Where to Buy and HODL Bitcoin (Referral Links)

• Coinbase (Get $10 in Bitcoin)

• Crypto.com (Get $25 to sign up)

• KuCoin (Lend out your Bitcoin)

• Midas Investments (Get 13% APY on your Bitcoin)

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 whitepaper, please read I Finally Read the Bitcoin Whitepaper on Publish0x written by CryptoMasterMiner

Find Bitcoin on Bitcoin.org, Reddit, Twitter, Instagram, Facebook