06.06.22 - 13.06.22
Last week results
Instruments:
Last week, cryptocurrencies showed mixed movements once again. The markets paused to decide on the further direction. The news scene was mostly positive.
Representatives of some cryptocurrency exchanges note that Bitcoin prices have already reached the bottom. However, the development of upward momentum requires a catalyst, which some are pointing to as the suspension of the US Federal Reserve's interest rate hike.
The Russian Central Bank has softened its position on cryptocurrencies. The first deputy chairman noted that the regulator doesn't object to using digital currencies "in international transactions and international financial infrastructure".
The New York State Senate approved a two-year moratorium on cryptocurrency mining using electricity generated from carbon sources. This freeze has already been heavily criticised by the crypto community.
Representatives of some cryptocurrency exchanges note that Bitcoin prices have already reached the bottom. However, the development of upward momentum requires a catalyst, which some are pointing to as the suspension of the US Federal Reserve's interest rate hike.
The Russian Central Bank has softened its position on cryptocurrencies. The first deputy chairman noted that the regulator doesn't object to using digital currencies "in international transactions and international financial infrastructure".
The New York State Senate approved a two-year moratorium on cryptocurrency mining using electricity generated from carbon sources. This freeze has already been heavily criticised by the crypto community.
These week’s key events
Last week, cryptocurrencies showed mixed movements once again. The markets paused to decide on the further direction. The news scene was mostly positive.
Representatives of some cryptocurrency exchanges note that Bitcoin prices have already reached the bottom. However, the development of upward momentum requires a catalyst, which some are pointing to as the suspension of the US Federal Reserve's interest rate hike.
The Russian Central Bank has softened its position on cryptocurrencies. The first deputy chairman noted that the regulator doesn't object to using digital currencies "in international transactions and international financial infrastructure".
The New York State Senate approved a two-year moratorium on cryptocurrency mining using electricity generated from carbon sources. This freeze has already been heavily criticised by the crypto community.
Representatives of some cryptocurrency exchanges note that Bitcoin prices have already reached the bottom. However, the development of upward momentum requires a catalyst, which some are pointing to as the suspension of the US Federal Reserve's interest rate hike.
The Russian Central Bank has softened its position on cryptocurrencies. The first deputy chairman noted that the regulator doesn't object to using digital currencies "in international transactions and international financial infrastructure".
The New York State Senate approved a two-year moratorium on cryptocurrency mining using electricity generated from carbon sources. This freeze has already been heavily criticised by the crypto community.
Waiting for Bitcoin to break out of its range
Bitcoin (BTCUSDT) continues to remain within the range it has been stuck in for the last month. The prices are testing the range's upper limit, which is a critical resistance level the cryptocurrency has to surpass to continue its growth.
Here are three reasons to buy Bitcoin right now:
● The collapse of Terra pushed some long-term Bitcoin investors to lock in their losses. However, at the same time, many hodlers took advantage of the price drop below $30,000 to build up their positions. Whales with balances over 10,000 BTC purchased 46,269 BTC in May.
● The total number of Bitcoin transfers to exchanges is declining, which is essentially an indicator of the total number of deposits on exchanges, reaching its lowest point since July 2021. Then, after this indicator hit a low, Bitcoin prices resumed growth. The dynamics of deposits in the network on stock exchanges also allow us to wait for a price increase.
Fig. The number of transfers to Bitcoin exchanges. Source: Glassnode
● Technical analysis: Bitcoin continues to trade in a range. Confirmation of a breakout of its upper limit (the resistance level at 31,200) will open the way to further growth, with an initial target at 34,070.
Seize the opportunity and enter a position at the right time.
Exchange BTC
Want Bitcoin for free?
Try our Bitcoin Cloud Miner and get additional crypto rewards based on your trading volume. It's immediately available upon registration.
Want Bitcoin for free?
Try our Bitcoin Cloud Miner and get additional crypto rewards based on your trading volume. It's immediately available upon registration.