1 year ago
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Virtual currency market this week (2/18 (Sat) – 2/24 (Fri))
Mr. Hasegawa, an analyst at the major domestic exchange bitbank, illustrates this week’s bitcoin chart and analyzes the future outlook.
table of contents
- Bitcoin on-chain data
- 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 2/18 (Sat) to 2/24 (Fri):
This week’s Bitcoin (BTC) exchange rate against the yen continues to struggle in the high price range.
BTC failed to break out of the August high (approximately $25,200) last week in dollar terms and fell back.
However, from the beginning of the week, BTC also turned around under the leadership of altcoins, and tried to break out of the August high for the fourth time since the previous week, but the upper price was depressed by the decline of US stocks and stalled.
The market price on Tuesday also rose steadily, finally hitting the August high, but immediately after that, selling accelerated and it fell back. Furthermore, when S&P’s US PMI announced on this day exceeded expectations and US long-term interest rates rose, the decline in the BTC market was spurred.
On Wednesday, the market briefly dipped below 3.2 million yen after failing to hold on to the lower bound of the consolidating triangle, but the minutes of the US Federal Open Market Committee (FOMC) in January showed a majority of participants in favor of continuing with a modest rate hike. The market rebounded when it became clear that
On the other hand, on the following day, US stocks stalled ahead of the announcement of the revised US GDP growth rate, and BTC also stalled in the mid-$24,000 range, falling back to European time. After that, although it tried to recover for a while, the US GDP growth rate revision was lower than expected, while the PCE (Personal Consumption Expenditure) in the previous quarter exceeded the forecast, and the market scrambled around $24,000. there is
[Fig. 1: BTC vs Yen chart (1 hour)]Source: Created from bitbank.cc
The FOMC minutes provided a brief sense of relief as markets grew alarmed as the St. Louis, NY and Cleveland Fed presidents chose a 50 basis point (bp) rate hike at the March FOMC as an option. It looks like that, but the results of the US PCE in January, which will be announced today (24th), may wipe out this sense of relief. In particular, all other inflation indicators for January have exceeded market expectations, and it is highly probable that the pace of deceleration in the PCE will slow down as well.
This week’s BTC market has rebounded from the sham, and even made a downward break in the triangle, but it is still maintaining the level of the high range this month, and the PCE result is a rebound from the lower end of the high range, or a failure to maintain the high range. It can be an important material that separates the light and dark of the. In the latter case, we expect the stock to seek a lower price next week, further increasing market disappointment.
If the market fails to maintain the high price range, the price target is $22,700, which is the high price of last September and the lower limit of the high price range of January this year. Therefore, I would like to be careful of the scenario where all prices are pushed.
[Fig. 2: BTC vs. USD chart (daily)]Source: Created from Glassnode
connection:bitbank_markets official website
Last report:Bitcoin, which reached a high in August last year, should be cautious next week as market sentiment worsens
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