12.09.22 - 19.09.22
Last week results
Instruments:
The week showed mixed dynamics for the crypto market. Early in it, Bitcoin dropped to its July lows but recovered right after quite quickly. Altcoins followed.
▶️ In Russia, talk has gotten underway about legalising cryptocurrencies for cross-border payments. The Ministry of Finance and the Bank of Russia are working on a draft document.
▶️ Another factor supporting the pioneer cryptocurrency was news that the company MicroStrategy has applied to sell shares worth up to $500 million. According to information published in its prospectus, the company could use the proceeds to purchase bitcoins.
▶️ Positive news for the crypto market came out of the United Kingdom, where the country's new prime minister, Liz Truss, is committed to providing an internet connection for residents, who could get access to buying, selling and mining cryptocurrencies.
These week’s key events
The week showed mixed dynamics for the crypto market. Early in it, Bitcoin dropped to its July lows but recovered right after quite quickly. Altcoins followed.
▶️ In Russia, talk has gotten underway about legalising cryptocurrencies for cross-border payments. The Ministry of Finance and the Bank of Russia are working on a draft document.
▶️ Another factor supporting the pioneer cryptocurrency was news that the company MicroStrategy has applied to sell shares worth up to $500 million. According to information published in its prospectus, the company could use the proceeds to purchase bitcoins.
▶️ Positive news for the crypto market came out of the United Kingdom, where the country's new prime minister, Liz Truss, is committed to providing an internet connection for residents, who could get access to buying, selling and mining cryptocurrencies.
📈 Bitcoin is determined for another rally
After a dramatic drop, Bitcoin (BTCUSDT) has formed a double bottom (which is usually a buy signal) and showed impressive growth, consolidating over $21,000. There's a reason to believe it'll continue its upward movement.
💡 Here are three reasons to buy Bitcoin right now:
🔹 The number of active addresses with over 1 BTC continues to grow. According to recent Glassnode data, this figure reached 900,000. This could indicate that cryptocurrency is quite popular among small investors on relatively small levels.
🔹 Institutional investors' interest in cryptocurrencies is still high. When Bitcoin resumed its growth, so did the open interest indicator. As such, we could say that the interest in Bitcoin could remain high, which will push its price up.
Fig. Open interest in Bitcoin futures. Source: Glassnode
🔹 Technical analysis: At this point, it's worth waiting for the price to break through the nearest resistance at $22,300 and only then considering the possibility of buying with a target of $24,500.
❗️ Seize the opportunity and enter a position at the right time.
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