Bitcoin Weekly - Edition 46
I apologize for this article being so late. I wrote it on Monday (2/13) and thought I published it, but apparently, I did not so here you go. Better late than never!
Bitcoin (BTC) had the first weekly death cross in its 14-year history last week as it closed below $22K falling close to $1,000 week over week. The question we now face is how Bitcoin will perform after seeing its first death cross which typically implies some significant downside risk. BTC had its lowest weekly close in three weeks after a nice January rise.
Valentine's Day this week also happens to mark the day in which fresh CPI (consumer price index) data will be released in the United States. There is other financial data due out this week that should see a fairly volatile market including risk assets like crypto. Throw in a rather worrisome regulatory environment in the US and plenty of pressure exists that could cause BTC to test the $20K market again soon. The next major resistance level appears to be around $21,500 which now sits within striking distance.
The bulls are pulling uphill this week unless the macroeconomic news is much better than expected. Analysts are split on what they expect to see and stock markets are treading water waiting to see what happens starting Tuesday. With a strong jobs report last month and December CPI data revised higher, a higher-than-expected CPI data print could be disastrous for the markets along with Bitcoin.
What is interesting is that with each of the last few CPI releases the markets have immediately sunk only to recover after investors have time to digest and fully consider the implications of the figures they are seeing. We also need to keep an eye on the dollar which fell on Monday after a strong week. The US dollar hit six-week highs against the Japanese yen which tends to signal investors think the Fed will continue to have a tight monetary policy for longer than previously thought.
Lots to digest this week, stay tuned!
The Crypto fear and greed index highlighted below, is at 48 and down8 points from last week and moving into the "neutral" category.
Ten Must-Read Bitcoin Articles This Week
- Big Week Ahead For Bitcoin, Crypto: This Will Be Important (Bitcoinist)
- Bitcoin whales, retail investors show contrasting behavior- Here’s why (AMBCrypto)
- NFTs Are Bloating Bitcoin, Creating Risks And Opportunities (Forbes)
- Top 10 Bitcoin-Holding Companies in 2023 (Analytics Insight)
- JP Morgan CEO speaks out against Bitcoin (The Cryptomist)
- Warren Buffett Now Owns Bitcoin: Here's How The Oracle Of Omaha Got Exposure (Benzinga)
- Public miners increased Bitcoin production, hash rate in January (Cointelegraph)
- Bitcoin (BTC) Price Forms Unique Pattern (U.Today)
- Is There a Bitcoin–Macro Disconnect? (Liberty Street Economics)
- Bitcoin logo imperfection found on original artwork after 12 years (Cointelegraph)
Bitcoin Price Statistics (as of 2/12/2023, weekly close)
- Bitcoin Price = $21,782
- Last Week = $23,746
- Weekly High = $22,746
- Weekly Low = $21,492
- Market Cap = $418,884,213,456
- Market Cap Dominance =39.94%
- 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
Exactly 13 years ago today, a single home miner with a laptop mined 250 Bitcoin.
Bitcoin Tweet of the Week
Bitcoin Mining Statistics
- Miners = 5,321,099
- Hashrate = 313.69 EH/s
- Difficulty = 39.16T
- Emission (24hr) = 975 BTC
- Circulating Supply = 19.29M (91.9%)
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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- Coinbase (Get $10 in Bitcoin)
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