Bitcoin Weekly News – Bitcoin Weekly Updates 2-5-2023
Bitcoin made a massive upside move during January 2023 but it’s now moving in a range for more than two weeks. Most investors are concerned about how Bitcoin’s price may perform over the coming days. The following Bitcoin weekly news and expert opinions may help with making a more accurate price prediction.
Bitcoin Weekly News by Barron’s
Barron’s, a renowned news agency, has shared a mixed opinion about Bitcoin price prediction. It says that the current week’s price increase is associated with an increase in FED rates. The data shows that the price of Bitcoin and other risk assets increased when Jerome Powell, FED chair, was having a question-and-answer session with the reporters.
The price of Bitcoin may continue increasing over the coming days because FED has the plans to increase the rates even further. However, the news report also mentioned that Bitcoin’s price pump is probably a result of certain technical factors and low liquidity. So, the investors may again expect a huge selloff in the crypto market after this inorganic price pump.
Bitcoin Weekly Update by Santiment
Santiment is a popular Twitter account that regularly shares updates about large purchases in the crypto market. Their analytics team recently detected a huge transfer in the crypto market. The stats show that around 13,370 BTC tokens are transferred to a brand new wallet in a single transaction.
Santiment team says that it’s indicating the entry of a new whale because these tokens are transferred to a new account. The chart shows that the price of Bitcoin dropped by 0.27% during this transaction.
Bitcoin News Update by Tip.cc
A renowned Twitter handle shared some disappointing news about how some of the leading cryptocurrency platforms are laying off their staff due to the bear trend in the digital space that started in 2022. The details are that Blockchain.com, one of the leading cryptocurrency firms, announced that it’s going to lay off 28% of its staff which is around 150 people.
Another popular cryptocurrency platform, Coinbase, has also announced that it’s going to lay off 1,000 people from its staff which is around 20% of the entire workforce. The experts believe that the negative sentiments are too high due to the damage caused by FTT and LUNA.
But some cryptocurrency firms are still confident about the bright future of the cryptocurrency. That’s why Binance, a leading crypto exchange, has announced to increase its workforce by 15 to 30 percent during 2023.
Bitcoin Weekly Update by Prof. Chaîne
Translation: – “[Derivatives] Following the bankruptcy of the FTX/Alameda entities, a significant purge took place in the derivatives markets, accompanied by long liquidations and a strong bearish bias. Currently, the trend is reversing, with strong short sell-offs and a pronounced bullish bias.”
ProfChaine, a popular crypto market analyst, thinks the opposite. He believes that there’s a strong bullish sentiment in the crypto market. He has backed his opinion by sharing the quarterly charts of the derivatives. The historic data shows that the positive sentiment strengthens when the pricing trend of the futures contracts is higher than the spot rate.
The recent data shows that the volume of Derivatives has significantly increased during the last quarter of 2022 due to which the price of Bitcoin jumped in Jan 2023. The rise in the volume shows that more people are expecting growth from this point. That’s why ProfChaine thinks that the price of Bitcoin will likely increase over the coming days.
Bitcoin News Update by WSB Trader Rocko
WSB Trader Rocko is a famous crypto analyst who thinks that Bitcoin’s price may drop a little bit because of unemployment data released by the US Bureau of Labor Statistics. The data shows that the unemployment rate has dropped to a new more than five-decade low levels.
The stats show that more than 517,000 jobs were produced by the US economy in January 2023 whereas analysts were expecting a job gain of 190,000. The US dollar is expected to strengthen as a result of this growth. And the price of Bitcoin will eventually drop.
However, WSB Trader Rocko says that it will be a short-term drop and the Bitcoin will again gain momentum after this drop.
Conclusion
The majority of crypto analysts are expecting a bullish momentum in Bitcoin. And the current Bitcoin Weekly updates are also supporting their stance. However, some believe that Bitcoin needs to consolidate around $20,000 before moving upward because $24,000 is a strong resistance zone for Bitcoin.
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