Bitcoin (BTC) dipped below $30,000 shortly before the weekend, but quickly recovered above $30,500 and rose further overnight. That led to a peak around $30,800, but this morning the price drops again and at the time of writing is $30,650 on Binance and €28,170 on Bitvavo.
This means that the bitcoin price is up 0.6% today. The total market capitalization is $595 billion and the dominance is 49.4%. The Fear & Greed Index comes out at 62 (Greed).
Bitcoin Fear and Greed Index is 62 — Greed
Current price: $30,620 pic.twitter.com/7UpnGfHYKm— Bitcoin Fear and Greed Index (@BitcoinFear) July 3, 2023
Bitcoin ETF Not “Adequate”
Bitcoin took a minor hit last week when the US regulator, the Securities and Exchange Commission (SEC), hinted that recent filings for a bitcoin spot exchange traded fund (ETF), or exchange-traded fund, are not “adequate” enough.
That followed a series of bitcoin ETF applications that were resubmitted to the regulator. To date, the SEC has denied all such applications. After the recent attempt by Blackrock, the largest asset manager in the world, other parties are also trying again. Due to the SEC’s comments, the open interests for bitcoin by 10%, reports analyst Decentrader.
Since comments came out from the SEC that they aren’t keen on #Bitcoin ETF filings where the exchange wasn’t named, Open Interest for Bitcoin has dropped $1 billion, 10% of the total. https://t.co/qsPQ8Ius6S pic.twitter.com/VDrmePudaY
— Decentrader (@decentrader) July 2, 2023
Bitcoin whales are distributing again
Despite this, it was only a dip and bitcoin has been sitting comfortably above $30,000 for almost two weeks now. However, the price is not yet able to recover the $ 31,000. So called bitcoin whalesthe big investors, recently bought into the dip, but are now distributing their BTC again, analyst Material Indicators reports.
#FireCharts shows Purple Whales have been buying dips and distributing through the range, and Brown Mega Whales buying into liquidity at resistance to elevate the range.
Historically, Purple Whales have had the most influence over #Bitcoin PA.
🔥🔥Use Promo Code MIJ4TH for 25%… pic.twitter.com/QE1UDypKHZ
— Material Indicators (@MI_Algos) July 3, 2023
Bitcoin mining difficulty down
Last week, the so-called bitcoin mining difficulty, or difficulty reduced. In recent months, the difficulty level has been increased mainly because the hash rate, or computing power, of the network is constantly increasing.
However, over the past two weeks, the average hash rate is back to 362.5 exahashes per second (EH/s) dropped and with that the difficulty also dropped by 3.26% to 50.65 T.
Bitcoin mining difficulty adjusted at 06:48 today (block height 796320), reduced by 3.26% to 50.65 T, ending three consecutive increases. At present, the total hash rate is 355.67 EH/s. #BTC #比特币 #Mining
———————– https://t.co/2AmAqFa19X for both PoW & PoS pic.twitter.com/ZYhFCALC20— KelePool (@PoolCola) June 29, 2023
Macro data this week
The week is expected to start quietly. US financial markets are closing earlier today and will be closed tomorrow due to
US financial markets are closing earlier today and will remain closed tomorrow for Independence Day on July 4, a national holiday.
Still, we’re getting some macroeconomic data today, including industry data from the US and Europe.
Macro Releases – Monday, July 3 🗓
Time: 9:45-10:00 am ET 🕛
🇺🇸 ISM Manufacturing PMI (Jun)
🇺🇸 ISM Manufacturing New Orders Index (Jun)
🇺🇸 Construction Spending (MoM) (May)
🇺🇸 Markit Manufacturing PMI (Jun)$MACRO #pmi $SPY— BACH (@MortensenBach) July 3, 2023
We also have the so-called Federal Open Market Committee (FOMC) meeting minutes on Wednesday, or the minutes of the last US interest rate meeting. More unemployment figures will follow on Thursday and Friday. A more extensive weekly overview of macro data will follow on Crypto Insiders later today.
20-WMA crosses 200-WMA for the first time
Analyst TechDev has noticed that bitcoin’s 20-week moving average has crossed the 200-week MA for the first time ever. It doesn’t really have to mean anything, but it is worth mentioning, says the analyst. It is a reflection of the strong increase in 2023.
Today, #Bitcoin‘s 20W MA crossed above its 200W for the first time ever.
Could mean nothing. Just worth noting.
— TechDev (@TechDev_52) July 3, 2023
$31,000 or $28,000 first?
Despite this, the $31,000 still has a lot of resistance, and analyst Crypto Tony thinks we will see a pullback to $28,000 if the $31,000 is not caught soon.
This really is as simple as it gets for Bitcoin this week. We are against the $31,000 resistance zone, so unless we take it out i expect us to draw down to $28,000 for a reload option from the bears
Much prefer if we just pump though this week pic.twitter.com/kF7l1SMmY4
— Crypto Tony (@CryptoTony__) July 3, 2023
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