Bitcoin Weekly (7/31/2023)

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Written by

CryptoMasterMiner

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

9 months ago

In community: Everything Crypto(f12e)

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

Bitcoin Weekly - Edition 70

Bitcoin (BTC) succumbed to the bears as we waved goodbye to $30K, at least for now as we also say goodbye to July which is historically a strong month for the world's largest cryptocurrency. Bitcoin started the month just under $30,500 with investors hoping to put $30K far back in the rearview mirror. That simply didn't happen as the past month turned out to be a rather boring and somewhat disappointing month in terms of BTC's price falling about 3.5% and suffering a loss for only the second time in the past seven Julys with 2019 being the other.

With $30K gone, for the moment Bitcoin looks to have a support level around $29K and a resistance level about $500 higher than that as we turn the calendar to August. It was a couple of weeks ago that BTC hit a yearly high of $31,800 on July 13, seems much longer back than that.

This week the biggest drivers of markets look to be job figures in the United States. The Fed is keeping a hawkish eye on inflation concerned about a hot job market igniting prices even higher. Key jobs metrics to be released this week include JOLTS Jobs data on Tuesday, ADP Payroll data on Wednesday, Jobless Claims data on Thursday, and July Jobs report on Friday. That is quite a lot for investors to digest in addition to a quarter of the S&P companies releasing earnings reports this week including technology giants Amazon (AMZN), Apple (AAPL), Advanced Micro Devices (AMD), PayPal Shopify (SHOP) and Coinbase (COIN). Get your popcorn ready!

Looking at on-chain data, BTC remains in a very narrow trading range with volatility at a two-year low. Hodlers remain strong with long-term holders of BTC controlling a record 75% of all coins. Bitcoin continues to remove its correlation to US stocks with the S&P correlation to an all-time low of 3% in July. Unfortunately, that comes at a time when the S&P is going up consistently adding another 3% in July with its all-time high within striking distance. Interestingly, Bitcoin also appears to be losing its strong inverse correlation to the US dollar index (DXY) as of late but I expect that to shift back soon.

If we look at the overall cryptocurrency market, we see a lot of capital flowing into stablecoins. When money flows into Tether (USDT) and US Coin (USDC), the two largest stablecoins, that accumulation can quickly be used to snap up Bitcoin and often does preempt a price bump.

In US regulatory news, the U.S. Securities and Exchange Commission (SEC) had asked US-based Coinbase to stop trading all cryptocurrencies except for BTC before filing a case against them back in June. Does this mean that the agency sees Bitcoin, and Bitcoin alone, as a decentralized digital currency and everything else to be classified as a security? Last week in the US, the House Financial Services Committee (FSC) approved the Financial Innovation and Technology for the 21st Century Act. This act serves to set rules for crypto companies to register with either the SEC or the Commodity Futures Trading Commission (CFTC).

Elsewhere, in Canada, the Office of the Superintendent of Financial Institutions (OSFI) proposed new rules on how to handle crypto holdings. In Russia, Vladimir Putin signed the digital ruble paving the way for a central bank digital currency (CBDC).

Technically, BTC has had trouble getting over its 100-day moving average (MA) even when the price was jumping so I don't think the bulls have any control of the market currently. Conversely, the bears can't seem to wrestle away control of the relative strength index (RSI) which remains slightly bullish above 50 but it is on the decline. The 200-day moving average is around $27K so we are well above that technical data point. Today, BTC fell below its 50-day simple moving average (SMA) of around $29,440.

The Crypto Fear and Greed index highlighted below is 50, down five points from where it stood last week and remaining in the "Greed" range and seeking direction one way or another.

Ten Must-Read Bitcoin Articles This Week

Gold Vs. Bitcoin (Money)
SEC asked Coinbase to delist all crypto tokens except bitcoin: Report (Yahoo Finance)
Bitcoin's Best and Worst Days: A Symmetric Analysis (Bein Crypto)
Bitcoin balances on top exchanges: What history tells us about future bull runs (CryptoSlate)
Bitcoin (BTC) Sees Rare Weekly Chart Occurrence, Where Might This Lead? (U.Today)
A BlackRock BTC ETF Wouldn't Be Possible Without Bitcoin Miners (CoinDesk)
Is Another Bitcoin Rally Coming Soon? This Pattern May Say So (NewsBTC)
Mining Bitcoin Is an Act of Freedom (Cointelegraph)
RFK Jr. Confirms Recent Bitcoin Purchases (CoinDesk)
Bitcoin mining update: Stocks cool off, miners send BTC to exchanges to prep for halving (Cointelegraph)

Bitcoin Price Statistics (as of 7/23/2023, weekly close)

Bitcoin Price = $29,282
Last Week = $30,085
Weekly High = $29,615
Weekly Low = $29,080
Market Cap = $567,526,396,485
Market Cap Dominance =46.39%
Trading Volume = $11,972,151,257
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

How about a buck for a Bitcoin? Well, back in February of 2011 BTC matched the U.S. dollar for the very first time.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 393.24 EH/s
Difficulty = 52.22T
Emission (24hr) = 1013 BTC
Circulating Supply = 19.44M (92.6%)

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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