Bitcoin Weekly (7/3/2023)

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CryptoMasterMiner

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

1 year ago

In community: Everything Crypto(f12e)

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

Bitcoin Weekly - Edition 66

Bitcoin (BTC) had a solid week up $350 and had a nice bump on Monday as well pushing over the $31K mark. July is here, typically a good month for the oldest and largest cryptocurrency, as it has defiantly held over the physiologically important $30K price. This week's gains come after a huge rally in the previous week that helped Bitcoin post a 20% gain in the second quarter after a giant leap in the first quarter.

We have a pretty fairly quiet week ahead with Independence Day shutting down the markets tomorrow in the US and little macroeconomic news to excite anyone. As such, I expect Bitcoin to meander around its current level and somewhat to the upside maintaining its current momentum until the Federal Reserve gives us something to chew on. That should be a 0.25% rate hike the next time they meet according to CME Group’s FedWatch Tool which puts that currently at 90% which is already factored into current prices and really won't move the needle much.

If we turn to technical analysis, I'm seeing quite a few bullish indicators all flashing at the same time. One of the most widely followed figures, the 200-week exponential moving average (EMA), has moved above its trend line. The relative strength index (RSI) is also back over the 50 mark putting it back into the bullish zone about two-weeks ago and you have seen what BTC has done ever since backing up this trend lines history. If we look at Bitcoin futures, we see a big uptick in bullish bets signaling sentiments are positive for the price outlook for BTC heading into the summer months.

The dollar hasn't been strong of late which is positive for the inversely correlated BTC price. As for US stocks, which are correlated positively to Bitcoin, they are sitting at or near one-year highs so that won't hurt the price of BTC unless they reverse course.

Bitcoin investors continue to HODL despite the gains made so far this year. With demand rising and supply limited, BTC has solid near-term to long-term prospects with its halving also now closer to the horizon and always having such a positive effect on price.

Of course, news of major companies applying for spot Bitcoin ETFs has been the major factor in price appreciation over the last couple of weeks. The SEC has recently said that these fillings were "inadequate" so fillers such as BlackRock and Fidelity have already refilled their applications while others like Invesco will likely follow suit quickly. A spot Bitcoin ETF would give more investors access to BTC, adding to its growing demand and adoption. Coinbase's stock jumped over 10% when the company filling Fidelity's spot ETF, Cboe, said the company would help them launch the ETF.

Looking into the second quarter, I'm hard-pressed to find too many negative obstacles in Bitcoin's way. The technicals look good and unless we have some unforeseen economic rapid slowdown, Bitcoin could see 2023's momentum continuing and pushing price past a number of resistance levels in a relatively short amount of time. Basic economics tells us when supply is limited, which it is thanks to HODLers, and demand is growing which appears to be the case given on-chain metrics and new investors entering the market once ETF approvals start, the price will increase. As someone with both a bachelor's and master's degree in business, I tend to like to rely on basic supply and demand economics. Don't you?

The Crypto Fear and Greed index highlighted below is 62, up 3 points from where it stood last week and remaining in the "Greed" range.

Ten Must-Read Bitcoin Articles This Week

Bitcoin Sees "Significant Upward Trend" in Accumulation (U.Today)
Bitcoin traders torn between breakout and $28K dip as BTC price stalls (Cointelegraph)
Will Bitcoin price face negative effects from Federal Reserve’s two rate hikes? (FXStreet)
Bitcoin Can Help Improve Your Travels (Bitcoin Magazine)
Bitcoin miners are pivoting to new markets and making bank (Blockworks)
Quarterly Investment Guide 3Q 2023: Bitcoin outlook (CNBC)
Bitcoin Miners Continue To Deposit To Exchanges, Can Price Hold On? (Bitcoinist)
Institutional Investors Flock To Bitcoin: Are We Witnessing A Paradigm Shift? (NewsBTC)
Bitcoin indicators point at bullish rise by end of year; BTC could reach this price (Finbold)
Probability for U.S. Approval of a Spot Bitcoin ETF Is Fairly High: Bernstein (CoinDesk)

Bitcoin Price Statistics (as of 7/2/2023, weekly close)

Bitcoin Price = $30,617
Last Week = $30,267
Weekly High = $31,157
Weekly Low = $29,894
Market Cap = $600,605,394,512
Market Cap Dominance =47.661%
Trading Volume = $12,601,631,228
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

Do you like Bitcoin? I hope you don't live in any countries that have banned crypto like Afghanistan, Bolivia, Qatar, and Vietnam.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 399.37 EH/s
Difficulty = 50.65T
Emission (24hr) = 993.8 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) *