Bitcoin could be up with some positive vibe in the coming days.<\/p>\n
Following last week\u2019s calamitous meltdown that chopped more than 30 percent off the value of prominent cryptocurrencies, including Bitcoin, the broader crypto markets have made a modest comeback.<\/p>\n
After a sharp decline, Bitcoin\u2019s price has stabilized at $17K, which is a far cry from its all-time peak in November of last year. According to experts, this price range is a crucial support zone for the cryptocurrency.<\/p>\n
Sunday\u2019s Coingecko statistics indicates that Bitcoin (BTC) has increased by more than 14% over the past week, trading at $21,700 at the time of writing.<\/p>\n
Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following \u2018Takeover\u2019 Rumors<\/p>\n
Bitcoin Gets Some Good Dose Of Optimism<\/p>\n
Bitcoin rose beyond the top limit of its trading range on Friday as optimism settled back into the expectations of traders.<\/p>\n
Since Wednesday, when it dipped below $20,000, the BTC\/USD pair has risen, while U.S. markets have cooled ahead of the weekend.<\/p>\n
Earlier this month, the leading cryptocurrency by market capitalization plummeted below $17,600 due to severe selling pressure. According to CoinGecko data, Bitcoin plunged by as much as 69% from its record high.<\/p>\n
Bitcoin\u2019s mining difficulty achieved its second-largest decline for 2022 on Thursday.<\/p>\n
Bitcoin\u2019s slump has paused after a quick decline from $32,000 following the breakout of a bearish flag. The $17K-$20K region of the coin\u2019s ATH is providing stable foundation, resulting in a price rebound towards the $24K and possibly the $30K level of major resistance.<\/p>\n\n
BTC total market cap at $409 billion on the weekend chart | Source: TradingView.com<\/p>\n
In the meantime, Bitcoin\u2019s focus on Sunday was $21,000 despite warnings that volatility might still shake the market before Monday.<\/p>\n
BTC\/USD Trading In A Higher Range<\/p>\n
After U.S. stocks finished the week on a good note, TradingView data suggested that BTC\/USD was trading in a generally higher range.<\/p>\n
As highlighted by market observer Holger Zschaepitz, the S&P 500 completed its second best week of 2022, indicating a minor improvement in risk assets.<\/p>\n
The supply of Bitcoin is capped at 21 million coins. However, the overall supply of Bitcoin is little more than 19 million, with 2 million remaining to be mined.<\/p>\n
Suggested Reading |\u00a0Storj (STORJ) \u2013 A Relatively Unheard Crypto \u2013 Leads Gainers With 30% Rally<\/p>\n
Bitcoin\u2019s institutional acceptance is increasing, and more institutions are seeking to add Bitcoin exposure to their balance sheets. This indicates that supplies will become more constrained in the future.<\/p>\n
According to the central bank\u2019s chairman, the Federal Reserve is keeping a careful eye on the cryptocurrency industry but is not concerned.<\/p>\n
Fed Chairman Jerome Powell stated before a Senate committee that the central bank does not see any \u201cmacroeconomic repercussions\u201d from Bitcoin and the larger crypto market\u2019s dramatic price swings, but that stronger regulation is still necessary.<\/p>\n
Featured image from Watcher Guru, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin could be up with some positive vibe in the coming days.<\/p>\n
Following last week\u2019s calamitous meltdown that chopped more than 30 percent off the value of prominent cryptocurrencies, including Bitcoin, the broader crypto markets have made a modest comeback.<\/p>\n
After a sharp decline, Bitcoin\u2019s price has stabilized at $17K, which is a far cry from its all-time peak in November of last year. According to experts, this price range is a crucial support zone for the cryptocurrency.<\/p>\n
Sunday\u2019s Coingecko statistics indicates that Bitcoin (BTC) has increased by more than 14% over the past week, trading at $21,700 at the time of writing.<\/p>\n
Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following \u2018Takeover\u2019 Rumors<\/p>\n
Bitcoin Gets Some Good Dose Of Optimism<\/p>\n
Bitcoin rose beyond the top limit of its trading range on Friday as optimism settled back into the expectations of traders.<\/p>\n
Since Wednesday, when it dipped below $20,000, the BTC\/USD pair has risen, while U.S. markets have cooled ahead of the weekend.<\/p>\n
Earlier this month, the leading cryptocurrency by market capitalization plummeted below $17,600 due to severe selling pressure. According to CoinGecko data, Bitcoin plunged by as much as 69% from its record high.<\/p>\n
Bitcoin\u2019s mining difficulty achieved its second-largest decline for 2022 on Thursday.<\/p>\n
Bitcoin\u2019s slump has paused after a quick decline from $32,000 following the breakout of a bearish flag. The $17K-$20K region of the coin\u2019s ATH is providing stable foundation, resulting in a price rebound towards the $24K and possibly the $30K level of major resistance.<\/p>\n
BTC total market cap at $409 billion on the weekend chart | Source: TradingView.com<\/p>\n
In the meantime, Bitcoin\u2019s focus on Sunday was $21,000 despite warnings that volatility might still shake the market before Monday.<\/p>\n
BTC\/USD Trading In A Higher Range<\/p>\n
After U.S. stocks finished the week on a good note, TradingView data suggested that BTC\/USD was trading in a generally higher range.<\/p>\n
As highlighted by market observer Holger Zschaepitz, the S&P 500 completed its second best week of 2022, indicating a minor improvement in risk assets.<\/p>\n
The supply of Bitcoin is capped at 21 million coins. However, the overall supply of Bitcoin is little more than 19 million, with 2 million remaining to be mined.<\/p>\n
Suggested Reading |\u00a0Storj (STORJ) \u2013 A Relatively Unheard Crypto \u2013 Leads Gainers With 30% Rally<\/p>\n
Bitcoin\u2019s institutional acceptance is increasing, and more institutions are seeking to add Bitcoin exposure to their balance sheets. This indicates that supplies will become more constrained in the future.<\/p>\n
According to the central bank\u2019s chairman, the Federal Reserve is keeping a careful eye on the cryptocurrency industry but is not concerned.<\/p>\n
Fed Chairman Jerome Powell stated before a Senate committee that the central bank does not see any \u201cmacroeconomic repercussions\u201d from Bitcoin and the larger crypto market\u2019s dramatic price swings, but that stronger regulation is still necessary.<\/p>\n
Featured image from Watcher Guru, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-2035","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=2035"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2035\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=2035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=2035"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=2035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}