Bitcoin Weekly Roundup

Bitcoin Weekly Update

in BLOG

09-08-2019: Consolidation?

Last week I outlined the situation of Bitcoin and the least we can say is that it followed the plan perfectly. Bitcoin literally crossed the entire canal to break the resistance before re-entering the canal. Some people will tell you it’s a fakeout. However, instead of continuing to correct, it seems that Bitcoin is consolidating around this resistance! 

So, what will Bitcoin do in the next few days? 

Scenario 1: Bitcoin consolidates around the oblique resistance of the channel before breaking up. The next two resistances that can stop it are at $13000 and $13800. One of the indicators that goes in this direction is the MACD which crossed in a bullish way (daily).

Scenario 2: The Bitcoin temporarily exited its channel but it was a fakeout. In this case, it will return in the channel with $11500 and $10700 as support. In the event that this scenario is realized, I will lean towards a clear break of the $11500 support to rebound strongly on the one at $10700. 

Note : From a fundamental point of view, Bitcoin is very bullish. Indeed, given what is happening in the traditional market, the fear of a global economic crisis is growing sharply and investors are switching to safe haven assets. This is why we are witnessing a rise in gold price. Bitcoin seems to follow this dynamic.

To be followed, remain cautious and if you trade never forget to put on your stop-loss! 

Graphic : https://www.tradingview.com/x/TjQ08fPm/

Important News

>> Bitcoin Mines Surpasses 85% of its supply

The supply of Bitcoin in circulation reached 85% on August 1, leaving 3.15 million coins to mine for the next 120 years. According to Blockchain, a monitoring resource, the 17,850,000th coin was mined on Thursday as part of the transaction validation process. Bitcoin has a fixed supply of 21 million units, which means the number of blocks awarded per miners will reduce over time. The remaining supply of the currency will be released by 2140. This also means that miner payouts will decrease from 12.5 BTC to 6.25 BTC per block.

>> Mining ASIC Giant Bitmain Lost $625 Million

Chinese Mining and ASIC manufacturer, Bitmain, lost $625 million by March this year. This was made up of $345 million in January and $280 million in February. The sustained losses were reportedly driven by sales of outdated nanometer ASICs at low prices. The company is expected to start making profit again once the inventory of those machines is cleared. The sale of 7 new nanometer rigs is expected to generate new profits.

>> Around 300 Addresses Contain 80% of Tether Supply

The Massachusetts-based crypto market research firm Coin Metrics says that 318 addresses hold at least $1 million worth of Tether (USDT), comprising 80% of the global Tether supply. The report additionally notes that this is staggeringly different from the distribution of Bitcoin for which whales apparently hold only around 20% of the total token supply. According to John Griffin, finance professor at University of Texas : “The concentration of Tether suggests that control of Tether is in the hands of a few central players who can swing Bitcoin prices, and have a vested interest in doing so […] It also suggests that many exchange players have a vested interest in keeping the Tether game going.”

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