01.08.22 - 08.08.22
Last week results
Instruments:
The cryptocurrency market has stabilised. Digital currencies managed to stop falling and develop an upward trend. Some even showed impressive growth.
▶️ Bitcoin showed gains after the US Federal Reserve's monetary policy meeting, rising above $24,500 and renewing its July high. Bitcoin and the stock markets were optimistic about the regulator's decision to raise the key interest rate by just 75 basis points despite market expectations of a 100-basis-point increase.
▶️ The crypto market has chosen to ignore the negative news, such as the US Securities and Exchange Commission's (SEC) investigation into the Kraken Coinbase exchanges and reports that the Zipmex cryptocurrency exchange has filed for bankruptcy in Singapore, hoping to resolve its financial problems by doing so.
These week’s key events
The cryptocurrency market has stabilised. Digital currencies managed to stop falling and develop an upward trend. Some even showed impressive growth.
▶️ Bitcoin showed gains after the US Federal Reserve's monetary policy meeting, rising above $24,500 and renewing its July high. Bitcoin and the stock markets were optimistic about the regulator's decision to raise the key interest rate by just 75 basis points despite market expectations of a 100-basis-point increase.
▶️ The crypto market has chosen to ignore the negative news, such as the US Securities and Exchange Commission's (SEC) investigation into the Kraken Coinbase exchanges and reports that the Zipmex cryptocurrency exchange has filed for bankruptcy in Singapore, hoping to resolve its financial problems by doing so.
📈 Bitcoin is preparing for another rally
Bitcoin (BTCUSDT) finally broke out of its consolidation phase and even briefly climbed above the $24,000 mark. Upward momentum has so far failed to develop further, and the cryptocurrency has rolled back. However, it still has every chance of rising after the correction.
💡 Here are three reasons to buy Bitcoin right now:
🔹 Amid falling Bitcoin prices, market players took the opportunity to buy the cryptocurrency. Positive trends are seen in the wallets of whales and smallholders. The number of wallets with a balance of less than 1 BTC has increased within the last three months, according to Glassnode.
🔹 The Puell Multiple, which tracks the number of BTCs sold by miners relative to the asset's fair value, fell below 0.5 in mid-July, effectively entering the green zone, where it reversed. A drop in this indicator followed by a reversal is a strong signal the asset is undervalued and can be expected to rise.
Fig. The Puell Multiple. Source: Glassnode
🔹 Technical analysis: Bitcoin's (BTC/USDT) break through the resistance level at $24,600 should be seen as a buying opportunity with an initial target of $27,980 and the potential to move to $32,000.
❗️ Seize the opportunity and enter a position at the right time.
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