Bitcoin Weekly News

Will Bitcoin Break Out of the Resistance?

Key Takeaways: –

  • Despite regulatory uncertainty and negative news, large Bitcoin holders are holding their long positions and showing confidence in the crypto market.
  • Altcoins have experienced significant rallies while Bitcoin has remained relatively stagnant, but if Bitcoin gains momentum, altcoins may not see the same price increases.
  • The US Federal Reserve’s upcoming rate hikes may have a negative effect on risky assets like Bitcoin and stocks, as investors may exchange their assets for US Dollars. However, such effects are usually short-lived.

Most Bitcoin traders are now admitting the fact that Bitcoin’s price movement is not the same as it used to be. There was a time when Bitcoin used to offer a roller coaster ride in either direction. But for the past few months, Bitcoin has completely changed its patterns. The token sets a direction for a few days and then enters a long-lasting sideways channel.

The price again shows a sigh of hope for a few days but regains its sideways movement. Most traders have now become tired of its movement and they’re even doubtful about whether Bitcoin will break out of its resistance or not. The recent track of Bitcoin shows that even if it managed to break out of the resistance, the movement might still be boring.

The following Bitcoin news may highlight some facts about Bitcoin’s future price direction.

Large Bitcoin Holders are Holding Their Long Positions

Despite regulatory uncertainty and negative news, Bitcoin’s strongly held the $30,000 support level. Bitcoin’s price didn’t take a negative impact of U.S. economic data and other negative news. BlackRock’s recent Bitcoin ETF application shows that institutional investors are increasingly showing interest in the crypto market.

Ethereum also stood strong during economic uncertainties. In fact, some crypto tokens like SOL experienced significant gains during this time. The higher yields on SOL token derivates are the major reason why the price of this increased. Although there were some positive indicators in the economic data, they couldn’t affect the equity market.

It highlights that Federal Reserve is probably planning to increase interest rates. The support of bigger institutions like Fidelity is an encouraging sign for Bitcoin holders. However, the industry needs to show some innovative solutions beyond traditional finance to achieve ultimate success.

How Federal Reserves Two Rate Hikes May Affect Bitcoin?

Bitcoin’s recent sideways movement has positively affected the altcoins as most altcoins have experienced significant rallies. Bitcoin itself has remained quite boring despite the excitement surrounding Bitcoin ETFs. On the contrary, a substantial increase is observed in the value of altcoins.

The price of STORJ increased by 67% in the past few weeks and the price of Bitcoin Cash increased by 212% over the past ten days. However, if Bitcoin regains momentum, the altcoins may not experience a similar price increase anymore.

It’s important to note that the crypto market may also be influenced by the US Federal Reserve’s upcoming rate hikes. The FED chairman has recently hinted that there may be two rate hikes by the end of 2023. It will leave a negative effect on risky assets like Bitcoin and stocks as more people will potentially exchange their assets for US Dollars.

However, the historic data shows that such effects are usually short-lived. So, Bitcoin’s price will eventually be determined by the supply and demand dynamics. And depending on the existing data, Bitcoin has the potential to reach new highs in the long term.

SEC has Pushed the U.S. Investors into Toxic Crypto Products

Cameron Winklevoss, the co-founder of Gemini, has recently blamed the U.S. Securities and Exchange Commission for pushing investors into toxic crypto products. It’s been a decade that the SEC is refusing the approve cryptocurrencies. The investors are eventually forced to trust toxic products like Grayscale Bitcoin Trust (GBTC).

The investors are also bound to use unlicensed and unregulated offshore platforms like FTX due to SEC’s refusals. He said that SEC is acting as a gatekeeper of economic life while their mandate is to provide investor protection. Recently, BlackRock, ARK Invest, and Fidelity have filed for a spot Bitcoin ETF.

And SEC has started asking them for clarifications before considering approval. Winklevoss said that SEC’s Inaction on Spot Bitcoin ETF is ‘a complete and utter disaster’.

Bitcoin Price Prediction by Tim Draper

Tim Draper, the venture capitalist, had previously predicted that Bitcoin will hit the target of $250,000 by the end of 2022. But 2022 proved to be one of the worst years for Bitcoin due to several factors. However, Tim is still optimistic about Bitcoin’s price and he has moved his prediction’s timeframe a little further.

He claims that it will now take around two more years for Bitcoin to hit the target. He further added that the 2024 halving event will play an essential role in pushing Bitcoin’s price to the aforementioned target.

Which Factors May Affect Bitcoin’s Price This Week?

ISM Manufacturing data is going to be released this week that will highlight the performance of the US manufacturing sector. Bitcoin and the crypto market may experience a positive impact if there are some positive indicators in the data. On Tuesday, the volatility might be low due to the US Independence Day holiday.

The Federal Reserve’s stance on interest rates, monetary policy, and inflation will be highlighted through FOMC Meeting Minutes on Wednesday. The reports about the labor market including the Jobless Claims report, Services PMI data, and JOLTS data will be published on Thursday.

Investors should also keenly observe the news about the BlackRock spot ETF application as it may affect the crypto market.

Bitcoin Weekly Technical Analysis

Bitcoin Weekly Updates

Bitcoin’s price is consistently struggling for the past few months. The weekly chart shows that the volume of Bitcoin significantly increased during the second half of 2022. And the volumes kept increasing till the first of 2023. It shows that the big investors purchased the token at a discounted price.

But they no longer seem to be interested in pushing the price further because the volumes have dried up during the second quarter of 2023. The investors are probably waiting for another price decline to add more BTC to their portfolio or they’re waiting for some big news events to push the price further.

However, Bitcoin may continue struggling if the volumes remained quiet.


Bitcoin’s recent price movement has been marked by stagnation and sideways trading, leading to uncertainty among traders. However, the resilience of large Bitcoin holders and growing interest from institutional investors indicate underlying confidence in the crypto market.

While the upcoming rate hikes by the US Federal Reserve may have a short-term negative impact, historical data suggests that such effects are typically temporary. Feel free to subscribe to our weekly newsletter if you need regular updates about Bitcoin and the crypto market.