05.09.22 - 12.09.22
Last week results
Instruments:
Bitcoin continues to hold below the 20,000 mark. Still, the original cryptocurrency hasn't hit a new low. All things considered, this suggests that it is preparing to form a bottom around 19000-19500. The majority of altcoins have been trading largely in line with BTC.
▶️ 10,000 BTC moved again for the first time since 2013. The very same wallet that took 134,000 BTC from Mt. Gox during a 2011 cyber attack features in each transaction chain associated with both withdrawals. This is bad news for the crypto market.
▶️ Officials from the US Federal Reserve have spoken out negatively about the DeFi sector. According to them, it could pose a long-term risk to financial stability.
These week’s key events
Bitcoin continues to hold below the 20,000 mark. Still, the original cryptocurrency hasn't hit a new low. All things considered, this suggests that it is preparing to form a bottom around 19000-19500. The majority of altcoins have been trading largely in line with BTC.
▶️ 10,000 BTC moved again for the first time since 2013. The very same wallet that took 134,000 BTC from Mt. Gox during a 2011 cyber attack features in each transaction chain associated with both withdrawals. This is bad news for the crypto market.
▶️ Officials from the US Federal Reserve have spoken out negatively about the DeFi sector. According to them, it could pose a long-term risk to financial stability.
📈 Bitcoin is moving towards a strong support
Bitcoin (BTCUSDT) is consolidating in and around its 19,600.00 support. This level represents a serious springboard that will resist any significant drops to the downside. And until prices do cement at higher levels, the probability of growth will remain high.
💡 Here are three reasons to buy Bitcoin right now:
🔹 We are continuing to see more and more venture capital investment in crypto and blockchain startups. Just over the first half of this year alone, inflows totalled $18.3 billion. Further investment growth only serves to underscore the confidence of both entrepreneurs and corporations in the future of the crypto industry.
🔹 Major exchanges are still recording net Bitcoin outflows. This is proof that demand is outstripping supply. As such, the BTC exchange balance is shrinking, which has the potential to cause prices to rise.
Fig. Bitcoin exchange net position change. Source: Glassnode
🔹 Technical analysis: BTC's current 19,600.00 support 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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