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Things to watch out for bitcoin this week

By
Redakcja
-
5 min reading

Bitcoin network fundamentals talk about the mass mining migration that happened this month all the while BTC price action still makes profits.

Bitcoin network fundamentals talk about the mass mining migration that happened this month all the while BTC price action still makes profits.

Bitcoin (BTC) is starting a new week with a key weekly close under its belt and everything to work for is it possible to hold on to it tighter? During the weekend there was a low-key volatility, with a retest of $30,000 support, BTC/USD is higher than $35,000. Even though the negative press, FUD and miner shake-up from China with the brand new BTC price action depicts that the biggest cryptocurrency has the energy and strength to fight back. Nevertheless, there are chances for huge risk still remaining and not everyone is totally and completely convinced that the market has actually reached the bottom. There are few factors which contribute to the factor where Bitcoin’s future will be in the coming days.

This week it’s not the U.S dollar but the stocks that are front ahead of the game, as the S&P 500 sees its best week since February. All the while trying to calm down the concerns over the Federal Reserve increasing the interest rates, with the equities rallied throughout the entire last week. This comes in comparison to the cooling U.S dollar currency index (DXY), which has stopped the profits during the recent days after a rip-roaring week last week. As the S&P 500 hitting a fresh all-time high, the risk of a change-up however cannot be discounted, commentators argue. “The risk of higher bond yields and potentially a pull back in equities due to on-going strong U.S economic data remains,” David Bassanese, Chief Economist at Australian funds provider BetaShares, “So far at least, long-term bond yields remain contained and equities more focused on the V-shaped rebound in economic growth and corporate earnings.”

Even through the on-going narrative of constantly higher highs in stocks even with the economic difficulties included caused due to Covid-19 pandemic. Nevertheless, bitcoin proponents have been predicting a day of calculation. The main among everyone is Robert Kiyosaki, author of the famous book “Rich dad poor dad” he on Monday repeated his warnings, “The best time to prepare for a crash is before the crash. The biggest crash in world history is coming. The good news is the best time to get rich is during a crash. Bad news is the next crash will be a long one. Get more gold, silver and Bitcoin while you can. Take care.” He stated. 

Sunday gave off the Bitcoin spot price the perfect ending that they have been looking forward to. This consists of the weekly close, which during the late Saturday had been in perilous situation of materializing below key levels acquired to save the chances of any future profits. During the event, BTC/USDT rose above the expectations with over $2,000 in hours overnight to witness local highs of $32,250 on Bitstamp and a weekly close above $34,000. This places the pair right on target and is declared as “fantastic for bull-side momentum,” analyst Rekt Capital said previously before the data came in. also, Rekt capital is capable of observing a more positive Wyckoff scenario which consists of a potential local top in the mid $40,000 range.

For anyone who were happy about the biggest disaster in Bitcoin’s history since 2014 well you have bad news. As network fundamentals are fighting in the middle of China’s mining shakeout, a difficulty adjustment this week will point out just how wide and strong is the effect the recent events had. During the four days time, the difficulty was controlled by an estimated 23.24% which is something that has never happened before in Bitcoin’s lifetime. These changes keep Bitcoin mining competitive while saving network security. Lower difficulty incentivizes more miners to join by turning the process cheaper.

“Mining hashrate could decline significantly, but difficulty would just adjust downward the network would clear blocks, and the remaining miners would become much more profitable, having to sell fewer coins, spurring the price upward, incentivizing more mining,” Saifedean Ammous, author of “the Bitcoin standard” wrote. 

“Difficulty adjustments is the magic sauce that makes bitcoin work. It means that Bitcoin mining grows and shrinks to the size it needs to survive and keep blocks clearing,” said Ammous. Based on the data by MiningPoolStats, the preferred data of Blockstream CEO Adam Back, hash rate has presently stood at around 83 exahashes per second (EH/s) down from a peak of 168 EH/s. “Bitcoin is a good way to diversify your investment portfolio and I think that any investor should start studying cryptocurrencies and their future. At Banco Artzeca we are working to bring them to our clients and continue to promote freedom.” Said Richard Salinas Pliego, the third-richest man in Mexico according to Forbes. His banking business, Banco Azteca is in works to be a incorporated BTC, Salinas said. 

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