The battle for $25,000 is still in full swing. The Bitcoin price Tried to hack this for the past few days but bulls great difficulty. How does BTC work now? You can read it in this market update.
Bitcoin price is up 7.8% this week
Despite the fact that the price of BTC faced significant resistance at $25,000, the asset of all cryptocurrencies is currently 7.8% compared to last week. Looking back at the past 24 hours, this increase is less dramatic, 1%. Not surprising given the resistance where Bitcoin Currently trading nearby.
With the price still below this resistance, the value of the cryptocurrency at the time of writing is $24657 at Queen Piece. On the Dutch cryptocurrency exchange bitvavo The price of bitcoin in euros is currently 24.073 euros. A break of the $25,000 level is necessary to continue the uptrend that has been formed in recent days.
Bitcoin miners cause selling pressure
as in Bitcoin update from yesterday morning He read that many bitcoin miners sold a portion of their bitcoins. So it looks like they are making profits after the recent rally. Miners generally have a hard time due to lower prices, which have made their companies less profitable.
sell by Miners It can create additional pressure on sales in the market. In fact, the chart below shows that there is an increase in the amount of BTC flowing from the two miners.
# bitcoin BTC dollars Miners’ outflow (7d MA) reached a one-month high of 71,857 BTC
The previous one-month high of 70,077 BTC was observed on July 30, 2022
Scale width:https://t.co/DvHJapToPY pic.twitter.com/r0fMlh7ri8
– glassnode alerts (glassnodealerts) August 14, 2022
Small Bitcoin Addresses Growing for Record
What can also be read yesterday is that the number of bitcoin wallets is increasing by at least 1 BTC. The same can be seen on smaller addresses of at least 0.01 BTC (about 250 euros). Is this a sign that small investors are entering the market again? The number of wallets holding this relatively small amount of bitcoin has reached a High All Time (ATH) from 10,638,730.
# bitcoin BTC dollars Number of addresses with 0.01+ coins just reached an ATH of 10,638,730
The previous ATH of 10,637,556 was observed on August 13, 2022
Scale width:https://t.co/oyguxpaA2y pic.twitter.com/W1Hq77nEA3
– glassnode alerts (glassnodealerts) August 14, 2022
Bitcoin on the weekly chart is bullish
Although $25,000 is still holding as a resistance area, Bitcoin Analyst Dave the Wave rising In the case of things on the weekly chart. He states that “there is more than enough upward pressure forming at this resistance level,” adding:
“The weekly MACD is about to cross from the oversold position below the zero line.”
A lot of bullish pressure is gathering at the resistance level.
Weekly MACD is about to cross over from an oversold position well below the zero line.
rising. pic.twitter.com/zwy5NnVj7P
– davthewave August 13, 2022
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