Bitcoin Weekly (5/29/2023)

Bitcoin Weekly - Edition 61

Happy Memorial Day!

Bitcoin (BTC) is closing out the month of May still searching for some definite direction but started the new week out above $28K with a nice green candle on the upper end of its trading range. There was a little more volatility and that helped propel the largest cryptocurrencies price up from near two-month lows. All eyes remain fixed on the United States and the looming debt ceiling crisis to see if the president and Congress cannot strike a deal.

Stock markets in the US remained closed for a holiday on Monday giving cryptos one less data point to look at to determine which way they should be headed, although stock futures looked bright. But while stocks take another day off after the weekend and the government can't seem to get things to work, Bitcoin never rests.

The word out of Washington is that a deal is near. The problem is, can you really trust Washington? The impending date of June 1st was pushed back to the fifth to give the politicians more time to play politics. Regardless, as I've been consistently saying leading up to the target date they always seem to find a way to reach an agreement at the last moment and I don't expect anything to be different this time. It's the same song and dance that we always get worked up about for no good reason in the end. Should we actually miss the date this time, well then we have something to talk about and even then I'll bet there is some sort of workaround put in place until a deal can be reached.

All that said, even the potential of a deal being reached seemed to push the price of BTC back over the $28K mark early on Monday even if it had difficulty holding its ground there. That represented over a 2.5% jump in 24 hours with other cryptos looking to follow Bitcoin's lead.

Regarding Bitcoin itself, we have a couple of continuing trends pushing to new highs. The amount of Bitcoin available for trading continues to drop with coins either lost or HODLed for the long term at levels not seen in five years. On the mining side, difficulty is set to hit 50 trillion for the first time in the proof-of-work coins' 14-year history.

Looking on-chain, a lot of BTC has been purchased between the $27-28K range with an average price near $27,680 so keep watching how Bitcoin reacts above and below that figure. I expect BTC to test the upper end of its current level around $28,250 and if it can sneak that high expect a decent level of resistance there.

The Crypto Fear and Greed index highlighted below is 52 and up three points from last week and remaining in the "Neutral" range. 

Ten Must-Read Bitcoin Articles This Week

Bitcoin Price Statistics (as of 5/28/2023, weekly close)

  • Bitcoin Price = $28,068
  • Last Week = $26,750
  • Weekly High = $28,253
  • Weekly Low = $26,080
  • Market Cap = $539,405,455,737
  • Market Cap Dominance =44.646%
  • Trading Volume = $6,414,003,978
  • 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

A year after its launch in 2009, Bitcoin (BTC) was worth $0.02.

Bitcoin Tweet of the Week

Bitcoin Mining Statistics

  • Miners = 5,321,099
  • Hashrate = 392.44 EH/s
  • Difficulty = 49.55T
  • Emission (24hr) =  975 BTC
  • Circulating Supply = 19.39M (92.3%)
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.orgRedditTwitterInstagramFacebook

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Journey through Crypto
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