Bitcoin (BTC), the core of drama performance in the new cryptocurrency field, has officially started a new week, which is also the biggest expense in recent years, adding work pressure to the market price.
Due to having a detailed pool of members, the uncertainty of the decline has already attracted traders, who will be targeted in multiple ways.
Binance, the largest trading center, has suspended BTC withdrawals several times due to its so-called network "congestion," exacerbating the confusion
In the midst of turmoil, Bitcoin/USD shows signs of anxiety, dropping from $28000 to $28000, potentially withdrawing from its broader trading range.
This kind of thing means that a week full of implicit BTC price adjustment catalysts is gradually becoming chaotic. This information is published in the form of macroeconomic data, including consumer price indices and first quarter profit reports.
Because the Bitcoin network indicator values show the impact of current online themed activities, data shows that miners are still selling their stocks, leading investment analysts to conclude that the stock market bear market is still unfolding in 2022.
Coindegraph has focused on various factors and more in its weekly introduction to the cryptocurrency industry dynamics.
During the suspension period of BTC withdrawal, the CEO of Coin An referred to it as "FUD"
Bitcoin faced challenges at the beginning of the week, but not for general reasons.
With Bitcoin/USD falling to $28000, observers are highly concerned about the security incidents on the chain and the world's largest trading center.
The latter has terminated the withdrawal of Bitcoin three times since Sunday, due to the "congestion" of the Bitcoin network and the transfer of a large amount of funds in the wallet.
This move coincided with many transactions entering the Bitcoin Memory pool, which further pushed the already high cost into an industry that had never been seen for many years.
This led to an unexpected conclusion, creating the first blockchain of Bitcoin, where miners earned more from expenses than blockchain subsidies themselves -6.75 Bitcoin and 6.25 Bitcoin, respectively.
The focus is on ordinary stocks, and even cryptocurrency investment giants such as digital currency groups as buying and selling sources. Afterwards, investors including researcher and investor Eric Wall revealed the potential origin of "junk messages" on the chain
In addition, Coin An has been questioned by some well-known figures in the industry for its current administrative policies.
Key developer Peter Todd believes, "Bitcoin is not experiencing congestion. It is facing high demands.
Binance only allows users to specify the fees they are more willing to charge for withdrawals and pay for them. Obtaining exports in the next blockchain will cost approximately $5. It is highly likely that @ Binance has a score reserve
Binance CEO Chang Peng "CZ" Zhao indirectly mentioned the "BTC withdrawal problem" at the trading center, referred to as "FUD"
A part of a tweet reads: "Bitcoin network prices are fluctuating, increasing by 18 times within a month.
As the event went on, the BTC market price felt the pressure of work. At the time of writing this article, the short-term decline continued.
By comparing the personal behavior of traders and examining the online resource Skew, it was found that with Bitcoin returning to the $28000 price range, the bidding themed activities of Coin An continue to grow.
The BTC price has hit a two-week bottom point, and traders are concerned about important levels
In addition to closely focusing on coin security and timely fees, investors continue to pay attention to the key level of Bitcoin/USD.
Accompanied by this, the popular trader Captain Faibik sees $27300 as the front line for the composition to fall below $28000.
Another article on the same day explained that the wedge structure of Bitcoin has tightened, and there will now be a conclusion of improvement.
Another trader, Andrew, used the 50 day index moving average (EMA) system as an implicit support point area, which is currently located around $27950 and has long been violated in a relatively short period of time.
According to Coindigraph Markets Pro and TradeView, the bottom of $27617 on that day represents a profound decline in Bitcoin since April 26th.
Crypto Busy, a cryptocurrency educator, summarized, "Bitcoin has been retested for. 618 after the Coin Security FUD. This is also another moment in Bitcoin's comparison to the US dollar Bitcoin." He refers to the Fibonacci retracement level.
Bitcoin has always been relatively stable as a network, but trading centers and wallets require more scalable solutions. Due to sales pressure and FUD, $BTC has been retested as an asset. Remember, it's not your own key, it's not your cryptocurrency either
Good candidate for CPI inflation risk
When it comes to macroeconomic policies, this week we will start with the April release of the Foreign Consumer Price Index.
The CPI, scheduled to be released on May 10th, will receive high attention to explore the signs of continuous decline in inflation, which will increase the space for legitimate procedures to release pressure on national economic policies.
In April, Bitcoin experienced a slight decline, which was smaller than market forecasts and set a new ten month record.
However, CPI is only one of the many key US data releases this week, with the number of jobless claims processed and the producer price index expected to be released.
Four spokesperson for the Federal Reserve meeting will be on stage, and this week is the final week of the content of the first quarter profit report for large enterprises.
During the weekly upgrade, Doctor Profit, a cryptocurrency trading and analysis account, explained CPI to Twitter fans in detail: "Data estimates will be more 'beautiful', sales market estimates will show good numbers, and to some extent, pricing will be carried out.
CPI is known as a metal catalyst for cryptocurrency changes, but this month, not everyone is predicting that analysis will continue to rise, even in positive numbers.
Mainly including popular trader Aqua, who revealed that due to his focus on "distributors" or strategic and tactical sales, there will be a larger adjustment in BTC/USD.
NVT shows network overtemperature
The unrest caused by high charging standards has posed a threat to the sustained indicator value of Tecoin.
Mainly including the ratio of network usage value to transaction (NVT), which reached its highest value in four years on May 8th.
As confirmed by the analysis of enterprise Glassnode on the chain, NVT is currently at its highest value since 2019.
The NVT ratio was established by geneticist Willy Woo, considering the relationship between the value of on chain mobility and the total market value of Bitcoin.
Wu explained on his data platform Woolbull: "When the NVT of Bitcoin is very high, it means that the valuation of its network companies has exceeded the value of transmission on its payment network. This can also happen when the network is growing at a high speed and investors regard it as a high-yield transaction, or when the price is in an unsustainable foam.".
Cointelgraph generally includes NVT ratio and subsequent NVT data signal measurement, while the latter includes key subtle differences in the interpretation method of hazardous NVT data.
Bitcoin miners are still reducing BTC ownership
The Bitcoin miner once again solved the cost of the 2022 stock market bear market, and his Bitcoin reserves are at the end of February, which is a data signal.
As mentioned by the online data analysis platform CryptoQuant, although the price of Bitcoin has increased in 2023, the total number of Bitcoins in miners' wallets continues to decline.
In a rapid sales market upgrade of CryptoQuant on May 1st, the promoter Crazzyblockk wrote: "The return of miners' enthusiasm for long-term investment in Bitcoin is undoubtedly one of the other meaningful factors for sustained price growth in the county, which needs to be considered in the industry in the coming days.
As of May 8th, the miners currently have 1826695 BTC, which is at least from July 2021 to the present.
As reported by Cointelgraph, miners face significant pressure in 2022, as relative costs are likely to exceed all the benefits of the mining industry due to the decline in BTC/USD.
Last week, another data showed that since 2010, the annual revenue of mining companies has exceeded $50 billion.
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