Bitcoin recovers from bad week, but analyst fears drop to $22,000

Bitcoin (BTC) fell below USD 23,000 shortly before the weekend and dipped as low as USD 22,700 on Saturday. On Sunday, bitcoin began a tentative recovery and regained traction at $23,200. Last night, bitcoin took a big jump and shot to a peak of $23,700, but by this morning is down to $23,350 on Binance and $22,130 on Bitvavo.

This means that the bitcoin price is up 0.8% today. Trading volume increased by 14% in the last 24 hours. The total market capitalization is $451 billion and the dominance is 42.2%. The Fear & Greed Index comes out at 50 (Neutral).

Bitcoin correction to $22,000?

However, according to a new analysis from Duo Nine, bitcoin needs to break that $23,700, where it peaked last night, to prevent bitcoin from sinking deeper. According to the analyst, the price is in a correction towards $ 22,000.

Bitcoin mining difficulty rises to new record

Friday night went back to the so-called bitcoin mining difficulty, or difficulty, up. It increased by 9.95% to a new record of 43.05 T against an average hash rate of 308.09 exahashes per second (EH/s).

That was slightly less than expected, but it still significantly increases the pressure on miners. However, this is not yet leading to miners selling their reserves again, as we saw last year, analyst IT Tech reports:

Bad week, rising dollar and macro data

Not only did bitcoin lose value last week, it was also a red week for other risky assets. It was even the worst week of 2023 for them. Bitcoin is almost 4% down compared to a week ago.

That had something to do with the returning strength of the dollar. The rate of the US dollar index (DXY) was able to rise sharply last week, but seems to have run into resistance since the weekend.

In terms of macroeconomic data, it should be a quieter week. Still, later today we’ll get new data on the US housing market that are worth keeping an eye on. Things may get more exciting on Thursday with new unemployment figures in the US and Europe.

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