Altcoin, with XRP at the top of the list, is Bitcoin continuing to be a bull market | Contribution by bitbank analyst

Virtual currency market this week (3/25 (Sat) – 3/31 (Fri))

Mr. Hasegawa, an analyst at the major domestic exchange bitbank, illustrates this week’s bitcoin chart and analyzes the future outlook.

1. Bitcoin on-chain data
2. Contributed by bitbank

Bitcoin on-chain data

Number of BTC transactions

Number of BTC transactions (monthly)

Number of active addresses

Number of active addresses (monthly)

BTC mining pool remittance destination

Exchange/Other Services

bitbank analyst analysis (contribution: Yuya Hasegawa)

Weekly report from 3/25 (Sat) to 3/31 (Fri):

The Bitcoin (BTC) exchange rate against the yen this week remained firm, continuing from last week to the high price range from beginning to end.

The U.S. Commodity Futures Trading Commission (CFTC) sued Binance, and the BTC market tried to break below the lower end of the high price range from the beginning of the week. The decline was limited.

Rather, the altcoin market will be strong this week, led by XRP, and BTC will also be supported by buying, following the statement by U.S. Securities and Exchange Commission (SEC) Chairman Benham that Ethereum’s Ether (ETH) is a commodity. In response, BTC started a rebound as the ETH market rose.

As the middle of the week approached, the XRP market strengthened further, and BTC also recovered to 3.6 million yen. In addition, following the news that SEC Chairman Gensler will be summoned to the House Financial Services Committee in April, the market price is 3.8 million yen due to speculation that the US Congress has doubts about the recent SEC crackdown. It was thin.

BTC on Thursday temporarily recovered to 3.8 million yen, but when a large profit-taking was observed and it was deceived, US stocks fell and some altcoins took profits, weighing the top price and falling. Currently, the dollar-denominated exchange rate is squabbling around $28,000 (3,720,000 yen), which is the milestone level.

[Fig. 1: BTC vs Yen chart (1 hour)]Source: Created from bitbank.cc

As concerns about the US financial system recede and stock prices try to recover, expectations for an interest rate hike in May are gradually reviving, and US Treasury yields have stabilized this week. BTC failed to attempt a breakout from the high range this week, supported by rising altcoins. Currently, altcoins are on an adjustment trend ahead of the release of the US Personal Consumption Expenditure (PCE) price index, and are stalling.

The interest rate trend of the US Federal Reserve (Fed) is once again in focus, and the PCE price index is likely to provide a clue as to the direction of the BTC price in the near term. Concerns about the financial system and, in turn, the economic slowdown led to a drop in energy prices in March, and reports of job cuts at US IT companies made headlines. minute data.

The market expects a slowdown in the PCE price index, but February’s consumer price index (CPI) surprises with an acceleration from January in the core index compared to the previous month. However, from the latest sentiment and technical aspects, BTC continues to be bullish, with downside potential around the lower end of the high range of $26,500.

Contributor: Yuya HasegawaYuya Hasegawa

After graduating from a graduate school in the UK, he worked as an analyst in the FinTech industry and the virtual currency market at a venture company consisting of people from financial institutions. Market analyst at Bitbank Co., Ltd. since 2019. He has a track record of providing comments to major domestic financial media and contributing to overseas media.

connection:bitbank_markets official website

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