Bitcoin (BTC) It appears that it has broken the uptrend that started three weeks ago after the collapse to $33,000 for the time being. There was nothing called “Super Bowl Pump” yesterday that some fans were hoping for. The price was unable to even close above the $43,000 mark for the week. This does not mean that this rally is over, but it does indicate that the market is still very uncertain.
Bitcoin price in a narrow range
the Bitcoin price He fell on Thursday and Friday and hasn’t been able to recover yet. This drop came on the heels of US inflation data and was accompanied by volatility and red stock market as well as a higher dollar rate (DXY).
Bitcoin briefly fell below $42,000 on Saturday. After that, the price managed to recover slightly, but yesterday’s resistance around $42,650 proved to be too much. Bitcoin then fell back to $42,300, but then made a small drop bounce, bounce† This time Bitcoin was rejected at $42,750 and then started dropping again.
Once again, Bitcoin managed to make a slight rebound and then reached $42,000, but the price was not able to rise beyond $42,500. Last night, Bitcoin dropped to $41,700, its lowest price in more than a week. For example, price made a series of . in the last days Lows Lows And low altitudes† The price recovered a bit this morning, but was rejected again at $42,500 and now stands at $42,200 Binance and 37,270 euros in Petavavo†
#BTC It is struggling to regain support from the exponential moving average of a bull market that is the midpoint of the overall re-accumulation range.
– Rektcapital February 13, 2022
On-chain Bitcoin Data Still Bullish
Although the recent rally has paused, not much has happened so far. The price is currently consolidating between resistance and support as well as between 50 days moving average and 50 days Exponential Moving Average† Meanwhile, we see that investors and Miners Still Accumulating BTC, Too rising Signboard.
amount # bitcoin The flow to the exchanges from the two miners is at historically low levels.
There’s low selling pressure from miners, and it’s been down significantly for a year.
Strong stacking hands. Low pressure miner sale. The only ingredient missing is a demand catalyst pic.twitter.com/P0ixFKFIhJ
– OnChain College (OnChainCollege) February 13, 2022
However, there is still a shortage of new demand, and with the uncertainty surrounding the situation between Ukraine and Russia, it may continue for much longer. If things get out of hand in Ukraine, it will likely cause a lot of volatility in the financial markets, including cryptocurrency.
# bitcoin 4 hour time frame + RSI + MACD
– Matthew Hyland (@MatthewHyland_) February 14, 2022
BTC hash rate error
Yesterday you can read on Crypto Insiders about a new one high all the time (ATH) from Hash rate Bitcoin, or computing power. While the hash rate is already higher than ever, the rally may not be as sharp as reported yesterday. This is because these are short term estimates and there are sometimes extreme fluctuations that can give an inaccurate picture. Yesterday’s rally is unlikely to be that much, as mining analyst Joe Burnett points out below:
This would be the equivalent of 631,000+ S19s being delivered.
Which will consume 2,281 megawatts of power.
Obviously it hasn’t happened in 24 hours lol.
– Joe Burnett (🔑) ³ (IIICapital) February 13, 2022