Hey mates!
It's Monday, and as always, we're kicking off the week with a deep dive into Bitcoin's latest antics. Hope you've had your coffee, because we've got some exciting moves to unpack!
Weekly Price Recap:
Last week, Bitcoin decided to keep us on our toes. Starting off around the $28,000 mark, it took a slight detour, testing the waters between $26,600 and $27,000 for a few days. Just when you thought it was settling into a new norm, Bitcoin, being the maverick it is, decided to surge. Over the last few hours, it's charged from the low 27s, making its way back to the neighborhood of $28,000. As I pen this, it's confidently trading around $27,800.
Now, let's chew on some stats to set the tone for the week:
24h Movement: Bitcoin's been swinging from $26,816.31 to a high of $27,793.05.
Weekly Snapshot: Our champ ranged from a weekly low of $26,621.41 to a near comeback at $27,921.66.
Trading Volume: A whopping $9.58 billion has changed hands. The hustle is real.
Market Dominance: BTC's flexing, holding onto 47.404% of the entire crypto market.
Thinking back to Nov 2021 nearly 2 years ago, that all-time high seems like another era. But as any seasoned crypto enthusiast knows, the world of Bitcoin is ever-evolving.
Charted Territory:
Mates, Bitcoin's flirting with the golden pocket of its weekly range, perched precariously at $27,900. Truth be told, I wouldn't be taken aback if she takes a slight breather from this level. Those low timeframes? They're whispering hints of a brief tiredness. But don't be fooled. She might still muster the strength to rally towards that weekly high, gunning for $28,500.
Now, if Bitcoin decides to take the bullish highway, gear up for some resistance challenges around the $30,000 and the $31,000 markers — that's a year-to-date high for you. And should it push past those? Well, $41,000's gonna play hard to get.
On the flip side, if Bitcoin's spirit falters and she takes a downward turn, our first cushion is set at the week's low of $26,621.41. Then there's that staunch support line at $25,000. But here's the kicker: if that $25,000 barrier crumbles, brace yourselves. We could witness a rapid descent to $20,000 or even flirt with cycle lows around $15,500. Going to new lows? I reckon it's a pretty distant possibility.
In the News:
The Binance Countdown: Last Wednesday, Binance pulled a fast one on us and threw a “Bitcoin Halving Countdown” clock on their homepage. And, CZ, the man himself, wasn't just flexing a fancy new timer. He made a point to remind everyone of Bitcoin's epic history—how it blasted to new peaks after each halving event in 2012, 2016, and oh boy, 2020. The message? BTC's past might just be prologue.
The CPI and BTC Tango: The US Bureau of Labor Statistics dished out the latest CPI report this past October 12. What's the gist? Household inflation took a slight chill pill, moving from 0.6% to 0.4% for September. And Bitcoin, being the wild child it is, responded in style—retesting that $27,000 support. Coincidence or not, it's fascinating how global financial metrics and BTC dance together.
BTC, CPI, and The Israeli Conflict: Bitcoin took a hit below $27,000, influenced by the rising tensions between Israel and Hamas. But being the resilient beast it is, Bitcoin's shaking off the dust, regaining its stance above $27,000, and eyeing that $28,000 mark.
Market Mood:
Bitcoin's Power Players on the Rise
Mates, you're gonna want to lean in for this one. Santiment's latest intel shows a stirring trend among the Bitcoin behemoths. Since the dawn of 2022, there's been a solid surge in those elite Bitcoin addresses holding a handsome stash of 10+ BTC.
Now, let's look at the numbers: over the past 20 months, we've seen an uptick of 11,806 addresses that are clutching onto more than 10 BTC. That's an 8.12% hike! Today, we stand at a staggering 157,400 wallets with at least 10 Bitcoin in their grasp, breaking the previous record from 2019. Hats off to the big players making power moves.
Dive into the Sentiment Sea
Let's switch gears and chat sentiment. Buzzwords like #inflation & #bearmarket are making some serious rounds in the crypto chit-chat. Seems the crowd's mood is tilting toward a #bearish vibe for the crypto arena. But here's the kicker – when the masses anticipate a downward trend, we often witness the exact opposite. Keep those eyes peeled; the Bitcoin rollercoaster is always full of surprises.
Wrap up
Alright, mates, that's a wrap on this week's Bitcoin dispatch. But remember, while Mondays are for diving deep into the world of Bitcoin, every weekday brings something fresh and intriguing. Tune in tomorrow as we shift gears and spotlight an innovative company that's making waves in its industry.
In this ever-evolving world of business and tech, staying informed is the key. So, keep those wits sharp, spirits high, and let's embark on this exhilarating journey together. Stay passionate, stay informed, and as always, trade smart. See you in tomorrow's edition!
Callum
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