Bitcoin Weekly (9/12/2022)

SeptemBEAR as some in crypto call it started out quite well for Bitcoin (BTC) which took back its losses from the previous few red candle weeks with strong green candle week that saw it climb over the $22K mark. It is a good sign for what could be a very volatile week coming up for crypto and Bitcoin.

But why has Bitcoin rallied? Well you can thank the US dollar which had reached twenty year highs recently but fell 2.7% over four days last week. BTC tends to move in the opposite direction of the dollar, so a falling dollar is welcomed by Bitcoin investors.

We have one of the most anticipated events in crypto with the Ethereum Merge set to take place on Thursday, September 15th. The "Merge" has been covered heavily in crypto circles and even in some mainstream news outlets so the time has finally come to find out exactly how this will impact the price of Ethereum and other cryptocurrencies. ln the United States, the release of Consumer Price Index (CPI) data will take place on Tuesday, September 14th. If the data reinforces the idea that inflation peaked around June, stock and crypto markets could push higher and with gas prices continuing to fall this could be the case. Unless something very unexpected happens, I personally expect the Fed to once again raise interest rates by 75-basis-points.

Regardless, these are both two major news cycle events that will move BTC in one direction or another.

From a technical standpoint, Bitcoin is closing in on its 200-week moving average around $23,330. With BTC getting within a thousand dollars of this mark, traders are taking note and more upside potential exists. For those who really look at the charts, the Bollinger Bands are now spreading which indicates a wider trading range for Bitcoin is upcoming. 

The Crypto fear and greed index, highlighted below, is at 25 and virtually unchanged up two points from last week and staying in the "extreme fear" range.

Ten Must-Read Bitcoin Articles This Week

• US Inflation Data Could Test Bitcoin’s Rally (CoinDesk)

• The Greatest Trick Ever Played, And How Bitcoin Shatters The Illusion (Bitcoin Magazine)

• White House Is Mulling a Ban on Bitcoin Mining (Barron's)

• How Big Eyes Coin, Bitcoin, and Polygon are raking in massive profits (Bitcoinist)

• Will Bitcoin take No.1 spot in this metric after Ethereum Merge (AMBCrypto)

• A Bitcoin ETF Is Long Past Due, Crypto Lobbyists Say in New Report (CoinDesk)

• Bitcoin might be down but interest in crypto and NFTs is here to stay: Ledger CEO (Cointelegraph)

• One year on, El Salvador's Bitcoin experiment has proven a spectacular failure (The Conversation)

• Current Block Times Suggest Bitcoin's Halving Is Coming Sooner than Expected (Bitcoin.com)

• Half of Bitcoin Is Held at a Net Unrealized Profit (CryptoPotato)

• ‘Fire and Brimstone’ Bitcoin Maxis Are Being Unrealistic: Dan Held (Decrypt)

Bitcoin Price Statistics (as of 9/11/2022, weekly close)

• Bitcoin Price = $21,800

• Last Week = $19,805

• Weekly High = $22,391

• Weekly Low = $18,650

• Market Cap = $427,735,033,429

• Market Cap Dominance =38.413%

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

Up-to-the-Minute Bitcoin Price Statistics

statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

5,000 days ago today the first ever Bitcoin block was mined by BTC founder Satoshi Nakamoto.

Bitcoin Mining Statistics

• Miners = 5,459,231

• Hashrate = 242.44 EH/s

• Difficulty = 30.98T

• Emission (24hr) = 962.5 BTC

• Circulating Supply = 19.15M (91.2%)

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 6.5% 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