Bitcoin Weekly (9/5/2022)

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

September, or as some may purposely misspell "Septembear", a historically bearish crypto month is upon us. This year we have the highly anticipated Ethereum Merge scheduled to take place on September 15th and that could have a big impact on Bitcoin in the next two weeks.

Bitcoin (BTC) closed the week at almost exactly $20K after a week of very narrow trading and a market looking for some direction. While the US is often the main catalyst behind BTC movement, Europe is beginning to take center stage in the midst of an energy crisis and with the euro at a twenty-year low against the dollar.

It appears Bitcoin can swing easily in two different directions. On the downside, it looks like $16K may be a potential bottom if BTC can't hold the psychologically important $20K mark. If it can hold its ground at $20K, then look for upside to around the $23K mark in the coming weeks. In the current tug-of-war, it doesn't appear the bulls or the bears have a significant upper hand at the moment. On the negative side, there is still plenty of macroeconomic issues being dealt with. On the positive side, many technical signals are suggesting that we may have already bottomed out including more bullish RSI signals. The current sideways action should be of no surprise giving these two opposing forces at work.

Looking at data from on-chain analytics firm Glassnode, "hodlers" are continuing to buckle down to ride out the crypto winter. Our fun fact of the week below shows just how strong this notion is.

The Crypto fear and greed index, highlighted below, is at 23 and virtually unchanged down 1 point from last week and staying in the "extreme fear" range.

Ten Must-Read Bitcoin Articles This Week

Bitcoin Price Statistics (as of 9/4/2022, weekly close)

  • Bitcoin Price = $19,805

  • Last Week = $19,551

  • Weekly High = $20,504

  • Weekly Low = $19,621

  • Market Cap = $379,835,540,430

  • Market Cap Dominance =37.069%

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

Bitcoin Fun Fact of the Week

The Bitcoin (BTC) supply now that has been stuck in a wallet for a year or more has hight a new all time high of 65.78% according to on-chain analytics firm Glassnode.

Bitcoin Mining Statistics

  • Miners = 5,439,176

  • Hashrate = 249.11 EH/s

  • Difficulty = 30.98T

  • Emission (24hr) = 950 BTC

  • Circulating Supply = 19.14M (91.2%)

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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