5 things to know about Bitcoin this week


Although there is a strong trend towards the upside in the short term, the market appears to be stalling after Bitcoin (BTC) recorded p.exceptional performance more than 30% since the beginning of the year.

Although some investors are asking themselves the question of taking their profits or joining the trend of the latest arrivals, it must be kept in mind that the threat of a blow not far away, especially after such a flight.

So we need to know how to be cautious, even if BTC currently seems to start the week on a good note, maintaining its highest weekly close in five months. A brief overview of the parameters to be considered before a possible market entry with 4 things to know about Bitcoin this week.

Reputation analysts preach for continuity

After one increase by more than 30% In the three weeks, it is not unusual that the cryptocurrency market is now dealing with a bearish mood, as pessimists pour their doubts about another bearish reversal all day long on the social networks.

We can’t blame them, because last year has left its mark in the minds of investors, who see bearish reversals around every corner.

However, this is not the case for all viewers. Credible Crypto, A crypto trader known for sharing his opinions and advice on social media, commented on the short-term Bitcoin fix in these terms:

The lows in the market are behind us, the new highs are ahead, and it’s a great time to share before heading back up!

Worth noting, Crypto credibility is a die-hard blockchain fan and a very supportive trader. However, he is not the only one highly focused on BTC. Michael Van de Poppe, CEO of the crypto investment fund Eight, his bullish analysis is also in question:

The total market capitalization has broken the 200 moving average. Ditto for BTC, we now need to wait above this 200 EMA, and use it as an entry point!

eToro (Europe) Ltd offers cryptocurrency investment as a PSAN, registered with the AMF. Cryptocurrencies are very volatile. No consumer protection.

Sustainable growth?

The authors of Material Indicators, a blog focused on trading and developing technical indicators, it is intended to be more reserved. They therefore claim that the current rise is artificial, and that officials do not seem to take into account the macroeconomic context, especially the bankruptcy of Genesis Trade, and the other major crypto institutions that are about to fall.

Even if they could be right, opinion on Material Indicators seems to be divided, as observers like to describe the macro-optimism that is currently circulating.

Opinions divided on the macroeconomic situation

Dan Tapiero, CEO of 10T holdings, doesn’t hesitate to take on institutions. Once again, the businessman took to Twitter to make fun of monetary policy, and claimed that the Fed would not, through its key rate games. soon no more control of inflation, especially when it drops significantly. In comparison, the crypto open markets will rise as investments advance, in search of performance.

So the ongoing efforts of the World Economic Forum to criticize cryptos are not successful, and these CBDC proponents are not successful. the coin fails from an investor’s point of view sure to see the light at the end of the tunnel, maybe right.

However, voices are being raised to warn blockchain investors about a the possible impact of the next cut on the prime rate of the Fed on cryptos. On the macro picture, Crypto Credible again took to Twitter to say that they see no reason not to be bullish on all risky asset classes.

The dollar in the basement, the bitcoin in the elevator

Many commentators are concerned about the a decline in the value of the US dollar, which is currently trading below its 200 moving average, and all seem to show the main signs of a continuation of the decline.

5 things to know about Bitcoin this week

Why is this critical to Bitcoin? Because there is an inverse correlation between the value of the dollar and the value of risky assets. Therefore, bullish interest in BTC has significantly reduced the desire for the dollar. At the time of writing this article bitcoin is currently located at $22,875.

Encouraging statistics

Accompanying all this positive news around BTC are blockchain statistics that point in the same direction. One of them, namely indicator of unrealized profits and losses (addresses that hold BTC for the long term), they come out of the abyssal zone of capitalization, having not visited it as deep as during the last lows in the market.

The spectrum of all the available information gives a pretty positive market mood, there’s no denying it. From there to enter the market without waiting for a possible consolidation, this is debatable after an increase of more than 30%. So be careful, but it is hard not to be optimistic about bitcoin the last days.

Source: Cointelegraph

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