Bitcoin (BTC) reached a new milestone this morning. 90% of all bitcoins are now gemined, or 18.89 million BTC out of 21 million in total. That took almost 12 years, but the remaining 10% will not be mined until 2140. However, there will never actually be 21 million BTC in circulation, a few million BTC have probably been lost forever.
It may be a turbulent week for the BTC price. The market is anxiously awaiting announcements from the US Federal Reserve regarding its policy. Despite the rising contagion rates, the agency reportedly plans to phase out the support measures and it is uncertain what effect this will have on the financial markets. For now, according to the fear & greed index, market sentiment seems to be getting a little less anxious:
Bitcoin Fear and Greed Index is 28. Fear
Current price: $48,762 pic.twitter.com/wIWz74G9ml— Bitcoin Fear and Greed Index (@BitcoinFear) December 13, 2021
The bitcoin price
From bitcoin price fell all the way back to $47,000 shortly before the weekend. Bitcoin also found there two weekends ago supportafter the massive crash. This weekend the race finally started a little more bullish to look out.
The price recovered to $49,000 on Sunday and started rising sharply yesterday afternoon. At 8 pm bitcoin peaked around $50,860, March the price was rejected here and then started to fall hard again. That drop accelerated last night, and the price plummeted from $50,250 to $48,700 in an hour, a 3% drop.
This morning bitcoin made another attempt to break out upwards but was already rejected around $49,500 and fell back to $48,700 this morning. At the time of writing, bitcoin appears to be on another bounce, grabbing back $49,000.
Bullish Indicators
Bitcoin, for example, is still fluctuating in an increasingly narrow range for the time being. The probability of a breakout soon seems high, but with declining trading volume, it is certainly possible that the price will be stuck in this range for a little longer.
The chance that we will have another so-called blow-off top to see at the end of this year seems to be declining rapidly. Despite this, the on-chain data still shows a bullish picture for the price. Last weekend there seemed to be little accumulation in the current range, but that may be increasing now. However, according to Mikyu Woo Min, we could be stuck in this range for several more weeks:
#BTC Updates. (Daily)
“BTC daily chart by comparing “PNL Supply Profit Percent” against “PNL Supply Loss Percent” indicates that we are entering the accumulation zone as same as May 2021. https://t.co/g25SxeZKdr pic.twitter.com/ftlvz0oEr4– Minkyu Woo (Min) 우민규 ⚡️???????? ???????? (@minkyutekken) December 13, 2021
Analyst IT Tech reports that according to the Bitcoin Active Address Sentiment Indicator it strongly looks like the price has bottomed:
#Bitcoin Active Address Sentiment Indicator help to recognize potential tops and bottoms.
On the outer boundaries of those grey lines are standard deviation bands.
Dotted red line = upper boundary
Dotted green line = lower boundary
Orange line is the 28 day price change (%).
???? pic.twitter.com/z9KRh8HozP— IT Tech (@IT_Tech_PL) December 13, 2021
The weekly chart is also starting to look bullish, analyst TechDev reports:
#BTC Weekly
About as much reason to be bearish here as there was in late 2020 before the first major leg in my opinion. pic.twitter.com/62AptElE2G
— TechDev (@TechDev_52) December 13, 2021
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