Weekly digest: Bitcoin gathers strength for new growth push
Bitcoin continued to trade sideways last week. Several weeks have now passed without any aggressive selling, which would suggest that market participants are accumulating positions in the digital asset. Given that many altcoins demonstrated decent growth this past week, it’s reasonable to say that investors are feeling optimistic at the moment.
The crypto news climate wasn’t particularly positive, but the fact that the market didn’t react to this factor is a testament to buyer strength at the moment.
British bank NatWest and other major UK banks tightened restrictions on cryptocurrencies for their clients, reducing their transaction limits for transfers of personal funds to crypto exchanges.
On Saturday 3 July, Bitcoin recorded a decline in mining difficulty of almost 28% — its largest single drop ever. This fall is due to the continued migration of miners from China and the subsequent hashrate losses.
Ethereum 2.0 is approaching what some are calling a key milestone in its short history: 6 million staked ethers. Traders and investors are both bullish on Ethereum as they anticipate the London hard-fork, which is planned for July.
This week’s ones to watch: Bitcoin
Bitcoin is approaching a key resistance level of 36,600. Once it breaks through this level, we could see further rises to somewhere in and around the 41–45,000 mark.
Here are 3 reasons to buy Bitcoin right now:
⦁ Previous attempts to push the price below 30,000 failed to spark panic selling, despite the negative news climate.
⦁ Open interest in Bitcoin futures is demonstrating stable growth, which would suggest that major players are taking on new positions.
⦁ Technical analysis. The price is starting to trend up after forming a rising triangle pattern, signaling the continuation of the previous uptrend. A break through the channel’s upper boundary of 36,600 will lay the way for growth to 41–45,000.
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