30.05.22 - 06.06.22
Last week results
Instruments:
Last week, cryptocurrencies were trading mixed. Several altcoins followed Bitcoin's lead and posted losses. Some, however, were able to gain ground. At present, sentiment in the crypto market is largely dictated by the general market situation and mixed news climate.
Cryptocurrencies were buoyed by the announcement that Binance has received the green light from Italian regulators to provide crypto server hosting in the country. This certification means the exchange can now legally offer crypto products to Italy-based clients.
Binance has announced a partnership with Ukrainian electronic goods chain Foxtrot. Customers of the retailer will now be able to make purchases via cryprocurrency using Binance Pay.
However, there was some bad news, too. Bitcoin mining difficulty fell 4.33% to 29.9 T. This was biggest drop seen since July 2021. The average hash rate also similarly declined by 4.3%.
Cryptocurrencies were buoyed by the announcement that Binance has received the green light from Italian regulators to provide crypto server hosting in the country. This certification means the exchange can now legally offer crypto products to Italy-based clients.
Binance has announced a partnership with Ukrainian electronic goods chain Foxtrot. Customers of the retailer will now be able to make purchases via cryprocurrency using Binance Pay.
However, there was some bad news, too. Bitcoin mining difficulty fell 4.33% to 29.9 T. This was biggest drop seen since July 2021. The average hash rate also similarly declined by 4.3%.
These week’s key events
Last week, cryptocurrencies were trading mixed. Several altcoins followed Bitcoin's lead and posted losses. Some, however, were able to gain ground. At present, sentiment in the crypto market is largely dictated by the general market situation and mixed news climate.
Cryptocurrencies were buoyed by the announcement that Binance has received the green light from Italian regulators to provide crypto server hosting in the country. This certification means the exchange can now legally offer crypto products to Italy-based clients.
Binance has announced a partnership with Ukrainian electronic goods chain Foxtrot. Customers of the retailer will now be able to make purchases via cryprocurrency using Binance Pay.
However, there was some bad news, too. Bitcoin mining difficulty fell 4.33% to 29.9 T. This was biggest drop seen since July 2021. The average hash rate also similarly declined by 4.3%.
Cryptocurrencies were buoyed by the announcement that Binance has received the green light from Italian regulators to provide crypto server hosting in the country. This certification means the exchange can now legally offer crypto products to Italy-based clients.
Binance has announced a partnership with Ukrainian electronic goods chain Foxtrot. Customers of the retailer will now be able to make purchases via cryprocurrency using Binance Pay.
However, there was some bad news, too. Bitcoin mining difficulty fell 4.33% to 29.9 T. This was biggest drop seen since July 2021. The average hash rate also similarly declined by 4.3%.
Institutional investors renew interest in Bitcoin
Bitcoin (BTCUSDT) is approaching a key resistance of 31200. At this stage, this is the first barrier that cryptocurrency needs to overcome to continue to rise. The cryptocurrency is currently hovering around its breakeven point. For this reason, future growth is still on the cards.
Here are three reasons to buy Bitcoin right now:
● The number of long-term HODLers reached a new all-time high last weekend. We have previously seen similar situations when the data demonstrated that a huge portion of the total amount of BTC in circulation had been inactive for six months or more. These moments (circled in red) coincided with the end of a bear market or a phase of accumulation foreshadowing the start of a bull cycle (circled in red).
Fig. Bitcoin's long-term HODL waves Source: Glassnode
● Open interest in Bitcoin futures continues to rise. This suggests that major investors are continuing to build long positions in Bitcoin futures. Thus, we can expect demand for BTC to rise, which could buoy prices.
Fig. Open interest in Bitcoin futures. Source: Glassnode
● Technical analysis: Bitcoin continues to trade in a narrow range. It is currently heading towards the upper boundary of this range — a strong resistance level of 31200.00 If we see a break above this level, it'll allow further growth to the next target price at 34,070.00.
Take advantage of this golden buying opportunity.
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