Bitcoin (BTC) consolidated greater on This summer 16 following the Wall Street buying and selling week carried out with modest gains for U . s . States equities.
Can Bitcoin bulls reclaim the 200-week moving average?
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD varying between $20,500 and $21,000 in to the weekend.
The happy couple thus preserved nearly all its comeback from the week’s lows, these following shock U.S. inflation data and sparking weakness across risk assets.
Now, out-of-hrs buying and selling resulted in the classic scenario of breakouts and fakeouts on thin liquidity could accompany Bitcoin in to the weekly close.
Eyeing order book data from Binance, the biggest global exchange by volume, demonstrated key resistance clustered round the $22,000 mark should bulls make an effort to nudge the marketplace greater.
For monitoring resource Material Indicators, however, there is a definite possibility that Bitcoin may even challenge its 200-week moving average (WMA), a key bear market trendline lost as support over last month.
#BTC is searching for an additional retest from the 200 WMA, presently ~$22.6k. #FireCharts pic.twitter.com/rRvbI8cPl2
— Material Indicators (@MI_Algos) This summer 15, 2022
“It’s not hard to become bullish on BTC on the eco-friendly day & bearish on the red day,” popular trader and analyst Rekt Capital added in separate comments.
“But $BTC continues to be just varying between $19K-$22K. This can continue until either of those levels is damaged Intra-range moves aren’t substantial enough to dictate alterations in sentiment.”
As Cointelegraph reported, that sentiment achieved an tough record now, as crypto markets capped their longest-ever period inside a condition of “extreme fear” as reported by the Crypto Fear & Avarice Index.
Miners have the pinch
Monitoring miner behavior, meanwhile, one analyst at on-chain analytics platform CryptoQuant sounded the alarm more than a potential sell-off.
Related: Bitcoin miners sell their hodlings, and ASIC prices keep shedding — What’s next for that industry?
14,000 BTC was transferred from miner wallets on This summer 15, Binh Dang demonstrated, even though not particularly suggestive of selling, the phenomenon was worth tracking.
“At this time, we’re not able to make sure that this distribution is negative or positive, so you should be careful to take into consideration the following couple of days,” he summarized in a single of CryptoQuant’s Quicktake market updates.
Individually, a brand new indicator, the power Gravity Model, covering Bitcoin production costs demonstrated that miners were likely capable of paying comparatively low amounts for energy to be able to mine in a profit at current BTC place prices.
“Bitcoin Energy Gravity may be the maximum USD cost ($ / kWh) modern mining rigs are prepared to buy electricity at to create a profit. ie: breakeven electricity rate,” the model’s creator, BlockWare analyst Joe Burnett, described inside a Twitter thread.
“Out of this maximum bid cost, you’ll be able to obtain a better knowledge of once the cost of Bitcoin is overextended so when the cost might be approaching a bottom.”
The views and opinions expressed listed here are exclusively individuals from the author and don’t always reflect the views of Cointelegraph.com. Every investment and buying and selling move involves risk, you need to conduct your personal research when making the decision.
