Bitcoin with no sense of direction, is support easy to function around $ 20,000 | bitbank analyst contribution

Virtual currency market from 1/21 (Sat) to 1/27 (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 1/21 (Sat) to 1/27 (Fri):

The Bitcoin (BTC) exchange rate against the yen this week has remained almost flat at around 3 million yen.

At the beginning of the week, the rise in the dollar-yen exchange rate was a tailwind, and when it began to rise to 3 million yen, the dollar-denominated turning point was 23,000 dollars, and although it played an unstable price movement at the same level, altcoin. Supported by an increase in sales, it succeeded in exceeding the 3 million yen mark. On the other hand, on the 24th, when Alt took profit and BTC also stalled, it lost its sense of direction due to the improvement of US economic indicators and mixed US corporate earnings.

Microsoft (MSFT)’s financial results announced early on the 25th were disappointing, and BTC also temporarily pushed its topside down as the US stock futures market softened, but the dollar-denominated low of the weekend at $22,300 is supported. Then, the Bank of Canada (BoC) announced a temporary suspension of interest rate hikes, forming a double bottom at the same level.

When Tesla’s financial results revealed that the company did not sell any additional BTC in the fourth quarter, the market temporarily extended its topside.

On the other hand, BTC fell back as soon as it touched 3.08 million yen. Although it maintained the $23,000 level, it once again lost its sense of direction following mixed results from US economic indicators.

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

At the time of writing this article (noon on the 27th), the BTC market appears to be taking profits again, and although the topside of the BTC market is slightly heavy, it is still maintaining its high price range this month and is continuing to develop steadily.

U.S. Personal Consumption Expenditure (PCE) on Wednesday was the last key indicator before next week’s Federal Open Market Committee (FOMC) meeting, along with CPI and PPI. If inflation slows down in 2019, it will support the BTC price.

Next week, of course, the FOMC will be the centerpiece. Rate hikes are expected to be tapered for the second consecutive meeting on the back of continued slowdowns in inflation and the economy. With the terminal rate approaching in sight, the narrowing of the interest rate hike itself is welcomed, but the Fed Funds interest rate futures market has almost 100% factored in the FOMC’s decision, and after the event passes, there is a possibility of selling due to exhaustion of materials. I want to pay attention to

In addition, since the beginning of the year, the three major US indexes have been trending steadily, reflecting the reduction in rate hikes and the start of rate cuts within the year.

In addition, there are some concerns about the BTC market on the technical side. In the BTC daily RSI, a divergence has appeared against the rise in the market since last weekend, and a trend reversal signal has been lit. Although BTC continues to develop steadily, we should be careful as an important event is approaching next week.

However, the daily 200-day moving average line and weekly reference line are concentrated around $20,000, which is a psychological milestone for the BTC market. .

[Fig. 2: BTC vs. USD chart and RSI (daily)]Source: Created from Glassnode

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.

Relation:bitbank_markets official website

Last report:Bitcoin maintains a solid high price range, and the formation of dips is also limited

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