Bitcoin price update: pay attention to these 6 crucial factors this week

Bitcoin (BTC) peaked at $28,900 last week, but then dropped back to the range between $27,500 and $28,000. Yesterday afternoon and last night, bitcoin briefly shot above $28,000, but dropped below again this morning. The BTC price stands at $27,805 on Binance and $25,830 on Bitvavo at the time of writing.

This means that the bitcoin price is up 0.5% today. Trading volume increased by 16% in the last 24 hours. The total market capitalization is $538 billion and the dominance is 46.4%. The Fear & Greed Index comes out at 64 (Greed).

Banking crisis not over yet

This week will again be dominated by the banking crisis in the United States. The Federal Deposit Insurance Corporation (FDIC) has just announced that Silicon Valley Bank will be acquired by First Citizen Bank. Only during a crisis can a bank half its size take over a bank twice its size. More on this later today on Crypto Insiders.

More macroeconomic data this week

It doesn’t stop there. We will also have multiple hearings with the US Senate on the banking issues in the coming days.

In addition, the latest consumer confidence data in the US will be published tomorrow. Data on the US housing market, a crucial part of the economy, will follow on Wednesday.

Then comes the gross domestic product and unemployment figures for the US on Thursday. Finally, on Friday we have the consumer price index (CPI) in Europe and US inflation data with the core personal consumption expenditures (PCE).

Bitcoin support wall

Analyst Ali Martinez reports that a significant support wall, or retaining wall, is between $27,170 and $27,970. Here, 1.45 million addresses bought more than 700,000 BTC. If this wall holds, there will be little resistance further up, according to the analyst.

More bitcoin shorts than longs

However, according to Decentrader, it looks like traders are again more short then take positions lung positions. This suggests that the majority expects a price fall. However, this can also lead to a so-called short squeeze.

More and more BTC to small investors

Analyst Maartunn reports that the supply in the hands of private investors is increasing. Small investors now own more than 20% of the total supply. However, it is also a sign that the big investors are staying away for the time being.

End of bear market in sight?

Still, the end of the bear market appears to be in sight, reports analyst James V. Straten. Every time the so-called short term holder realized price, or the real price for short-term holders overtaking that of long-term holders, that was the end of the bear market. Gradually, these two numbers are getting closer to each other again.

Experienced traders use Bybit

The crypto market is volatile and constantly changing. That’s why experienced traders use Bybit to take advantage of both rising and falling prices. Moreover, you can follow successful traders through Bybit and learn from their strategies. You can create a free account via this link, while supporting our platform at the same time. You are also eligible for great promotions and offers! For example, we raffle crypto weekly to readers who use the link above.

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