29.08.22 - 05.09.22
Last week results
Instruments:
The crypto market pioneer was unable to remain at the levels it had reached. It spent the week in moderate decline, and most altcoins followed it downward. One of the main reasons was factors that affect traditional markets.
▶️ At the end of last week, the head of the US Federal Reserve, Jerome Powell, announced that the central bank would keep interest rates high for some time in order to control inflation. This resulted in Bitcoin falling below the support level of $20,700.
▶️ Rumours of cryptocurrency payments to Mt Gox cryptocurrency exchange customers, which went bankrupt in 2014, sent negative vibes to the crypto market. It could lead to the possible sell-off of 140,000 BTC that the exchange's customers could receive. And although this information was subsequently denied, Bitcoin didn't manage to recover.
These week’s key events
The crypto market pioneer was unable to remain at the levels it had reached. It spent the week in moderate decline, and most altcoins followed it downward. One of the main reasons was factors that affect traditional markets.
▶️ At the end of last week, the head of the US Federal Reserve, Jerome Powell, announced that the central bank would keep interest rates high for some time in order to control inflation. This resulted in Bitcoin falling below the support level of $20,700.
▶️ Rumours of cryptocurrency payments to Mt Gox cryptocurrency exchange customers, which went bankrupt in 2014, sent negative vibes to the crypto market. It could lead to the possible sell-off of 140,000 BTC that the exchange's customers could receive. And although this information was subsequently denied, Bitcoin didn't manage to recover.
📈 Bitcoin low once again
Bitcoin (BTCUSDT) dropped to the $19,450 level but is still managing to stay above it. Some indicators show that the bearish cycle will soon be long gone.
💡 Here are three reasons to buy Bitcoin right now:
🔹 Various companies are turning their eyes to cryptocurrencies. The Moscow Exchange, for example, intends to get licensed to work with digital financial assets and conduct its first trade by the end of 2022.
🔹 Although Bitcoin prices have fallen, interest in Bitcoin futures contracts remains consistently high and isn't following the cryptocurrency's momentum. This shows that institutional investors are confident in BTC's positive medium- to long-term prospects and are taking advantage of the asset's lower price to buy contracts.
Fig. Open interest in Bitcoin futures. Source: Glassnode
🔹 Technical analysis: Right now, the support level of $19,450 looks like a good entry point for long positions. The next target is $20,700. A breakout past this level will open the path to $21,550.
❗️ Seize this opportunity to open a trade at the right time.
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