Bitcoin Weekly News – Bitcoin Weekly Updates (5/1/2023)
Bitcoin’s price broke out of its 3-week-long range on 10th April and reached a yearly high of $31,000. But the price couldn’t sustain and again returned to the range that it was struggling to break earlier. However, the range is a bit bigger this time. And the price is now struggling between $27,000-$30,000.
The Bitcoin price may again become extremely boring over the next few days before the next big move. The following Bitcoin weekly news may give a better idea of the direction Bitcoin may take over the coming weeks.
Bitcoin Dominance Gains can be Alarming for Alt Coins
Although Bitcoin’s price has retreated after hitting the $31,000 level, Bitcoin’s dominance is increasing rapidly. The dominance is currently showing 48.77% of the total market share. And it’s now close to breaking the two-year-long resistance. Some analysts are considering it a positive sign for alts and they’re claiming that a new alt season is about to begin.
Therefore, a huge number of investors are now switching from Bitcoin to other cryptocurrencies. But a few analysts think that it’s an alarming sign for altcoins. They claim that the increasing Bitcoin dominance will eventually the Bitcoin’s price. And the altcoins will experience massive bleeding when the investors will start converting their altcoins to Bitcoin.
However, it might be too early to predict because Bitcoin Dominance needs to sustain above the two-year-long resistance to confirm the bullish trend.
The Coming Week is Crucial for Bitcoin and Crypto Market
During the past few months, investors were expecting a decline in Bitcoin’s price due to interest rate hikes. But whenever US Federal Reserve announced an interest rate hike, the price of Bitcoin and other cryptocurrencies jumped significantly. So, it has changed the opinion of most investors about Bitcoin.
However, a few investors still think that it’s an artificial pump that will soon come to an end. The coming week is expected to be crucial for Bitcoin and other cryptocurrencies because the Federal Reserve is going to make a decision about interest rates. Investors are waiting to hear the remarks of Fed Chairman Jerome Powell before making any further decision.
The analysts say that the crypto market will remain volatile during the FOMC press conference. The crypto market will potentially set its direction based on the chairman’s comments about whether there will be rate cuts by the end of the year or not. Similarly, the investors are concerned about whether it was the last rate hike or whether there will be more hikes coming in the future.
Shocking Bitcoin Mining News from the Kingdom of Bhutan
A few sources have shared shocking facts about the Kingdom of Bhutan saying that the country is powering a Bitcoin mine through its immense stores of hydroelectricity. A representative for the country has claimed that Bhutan is running this mine for a few years.
However, the authorized officials haven’t confirmed any news about it. The government is primarily focused on earring huge Bitcoin rewards by resolving complex mathematical equations through its mining machines that are mostly powered by the country’s hydropower plants.
The country’s authorized representatives are also in talks with a Nasdaq-listed mining company to secure access to 100 MW of power for a Bitcoin mining data center.
Bitcoin Weekly News by Trust Machines
Trust Machines has reported a significant growth in Bitcoin use cases in the first quarter of 2023. The report shows that the Bitcoin name services and Bitcoin non-fungible tokens are significantly contributing to the mass adoption of Bitcoin in different categories.
This process is widely supported by Stacks blockchain because it powers the majority of applications in the Trust Machine’s ecosystem. The developers have recently introduced a number of innovative technologies that are using Bitcoin as a layer 1 foundation for evolving the network into Web3.
Mastercard Launches Crypto Credentials
Mastercard, the renowned payment platform, is launching a service called Mastercard Crypto Credential. The service is designed to support the transfer of digital assets between different countries. Mastercard is providing this facility by incorporating technology from Cipher Trace.
Mastercard has introduced this service in collaboration with popular wallet providers including Mercado Bitcoin, Lirium, Bit2Me, and Uphold. The platform is currently supporting the transfer of funds between Latin America, the US, and the Caribbean Corridors. The platform is also working on integrating non-fungible token transactions.
Bitcoin Technical Analysis
Bitcoin is expected to form a triangular shape over the coming days because most analysts are expecting a tight consolidation before the next big move. The majority of the investors are expecting a bullish momentum but the coming federal reserve meeting may influence price negatively.
Bitcoin needs to stay in the range for a few weeks to confirm the bullish trend. However, the price may drop sharply if the price broke out of this range before completing the pattern.
Conclusion
Analysts have a mixed view about Bitcoin’s further price movement. However, a huge number of analysts are expecting a bullish trend due to the rising Bitcoin Dominance. Similarly, other factors like Bitcoin’s adoption in several industries and Mastercard’s Crypto Credentials are also a positive sign.
But the Fed’s decision about interest rate hikes may affect Bitcoin’s price movement negatively. If you need regular updates about Bitcoin weekly news, feel free to subscribe to our weekly newsletter.