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Bitcoin (BTC) delights bulls entering the new week after closing a weekly candle in which Bitcoin has won another 4,000 USD – Will he hold on? After spending most of the previous seven days reaching local highs, but subsequently declining from them, sentiment over the weekend was quite mixed. In the end, Saturday and Sunday turned out to be exactly what the bulls had been waiting for, and Bitcoin crossed several resistance lines and continued up to $ 45,000.
Tuesday D-Day for the Infrastructure Bill
Just like last week, Monday hangs over the industry kryptoměn ghost of the United States legislators. The infrastructure bill, as it is informally called, is still attracting heated debate and is expected to be voted on Tuesday.
Under the bill worth 1 trillion dollars The issue of $ 30 billion in cryptocurrencies is also being raised, which seeks to review corporate tax obligations. This has caused a stir in the industry, even to the point that US senators have tabled amendments to change the wording of the law.
Gold reaches 4-month lows
The overall macroenvironment represents for Bitcoin mixed view. The shares are insignificant after the morning drop in precious metals began on Monday with an unexpected sharpness and could to some extent explain the decline in cryptotrises.
After starting at $ 1,763, gold fell sharply and even fell to $ 1,686 before recovering, taking advantage of Friday’s losses and reaching its lowest level since late March.
BTC price action overcomes resistance
In this context, Bitcoin in particular has been doing incredibly well in recent days, to everyone’s displeasure bears. Over the weekend, Bitstamp rose to a high of over $ 45,400, a turning point before a relatively slight correction to around $ 43,500.
Recently, this level has still been the focus, with BTC / USD sealing the weekly candle to almost $ 45,000.
These averages used to worry experts as Bitcoin sought to make progress for most of last week. A look at the buying and selling levels between traders for example Binance it now shows the extent of the “rollover” of support and resistance that has occurred. $ 41,500 became firm support as sellers settled above Sunday’s highs.
The difficulty is approaching a record increase of several months
Among the basic BTC indicators, the celebration definitely continues this week – hashrate even the difficulty has seen rapid progress upwards. After switching between a two- and three-digit number, the hash rate estimates now show Bitcoin’s hardware dedication just above 100 EH / s.
Monday’s figure of 105 EH / s is more than 20 EH / s above the June lows and approximately 63 EH / s below the historical highs. The difficulty, which experienced the first positive readjustment in two and a half months at the end of July, is ready to overcome itself in just three days and jump by more than 7%.
The market is already flirting with “extreme greed”
In the meantime, the correlation between price and market sentiment could give more cause for concern to those who are betting on sustainable growth. Index of fear and greed on kryptoměnách, which was in “neutral” territory a few days ago, quickly turned into “greed” over the weekend.
The index of fear and greed takes into account the basket of resources and compiles an index for cryptocurrencies as a whole in the range of 0 to 100, where 100 means maximum greed. On Sunday, the index reached 74/100, bordering on “extreme greed”, although BTC / USD rose by a relatively modest 5,500 during the week. USD.
Conclusion
Definitely this week starts positively. And perhaps, despite some clouds, it will continue to be positive.
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