Bitcoin Weekly (8/1/2022)

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1 year ago
In community: Cryptocurrency and Blockchain(7b7f)
Topics: Bitcoin, Cryptocurrency, Crypto, Investing

Bitcoin (BTC) ended July and entered August today with a major battle between the bulls and the bears taking place. The largest cryptocurrency ended the week at its highest point since mid-June after finishing off its best month of the year in July and overall the best month since last October up around 16.95%. That looks even better when you consider the prior three months returns with April at -17.3%, May at -15.6% and June at -37.3%.

Bitcoin once again reached the critical 200-week moving average and the realized price, both important milestones. The key now will be to continue to hit green weekly candles without going back below those levels. The slew of earnings reports from technology giants last week such as Amazon, Apple, Google and Facebook along with the Federal Reserve's 75 basis point interest rate hike did not slow down Bitcoins positive momentum. Many analyst, however, are still convinced this is simply a "Bear Market Rally" and more pain is in store ahead.

While Bitcoin did reach the $24.5K level last week, $24K still seems to be a pretty strong resistance level. If BTC is able to break through and stay above that figure it could be posed to go higher and threaten as much as $28K. That may be difficult as Bitcoin had been in an oversold position and was due to creep back up to its current price point.

The Crypto fear and greed index, highlighted below, is at 33 up three points from last week despite the recent run up and remains in the "fear" range for the second straight week. 

Ten Must-Read Bitcoin Articles

Bitcoin Price Statistics (as of 8/1/2022, 6:00pm EST)

  • Bitcoin Price = $22,027

  • Last Week = $21,816

  • Weekly High = $24,581

  • Weekly Low = $20,783

  • Market Cap = $437,926,417,844

  • Market Cap Dominance = 39.544%

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

Bitcoin Fun Fact of the Week

BUSTED! Did you know the FBI is one of the largest holders of BTC? The agency shut down a black market website called the Silk Road a few years ago where Bitcoin was used to make purchases. As a result, the FBI acquired all the BTC was was floating around the website which equated to about 1.5% over the overall total in circulation at the time.

Bitcoin Mining Statistics

  • Miners = 5,653,647

  • Hashrate = 229.86 EH/s

  • Difficulty = 27.69T

  • Emission (24hr) = 837.5 BTC

  • Circulating Supply = 19.11M (91.0%)

statistics provided by MiningPoolStats

Crypto Fear & Greed Index

index provided by Alternative

Where to Buy and HODL Bitcoin (Referral Links)

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

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Avatar for CryptoMasterMiner
Written by
1 year ago
In community: Cryptocurrency and Blockchain(7b7f)
Topics: Bitcoin, Cryptocurrency, Crypto, Investing

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