After trading at the $21k range throughout the week, Bitcoin price continues its sideways price action this Friday. Managing to remain at the same range over the past seven days, BTC will likely continue to hold support until next week, when the market could decide its next move. Ethereum was also trading sideways this week but dropped to the $1,600 level today as support broke down. Let’s look at any relevant Bitcoin and Ethereum news affecting prices this weekend and next week.
Key Points:
A report from CNBC highlights “hash ribbons,” coined by Charles Edwards, the founder of a quantitative crypto fund, Capriole Investments, which could serve as a buy signal for BTC. The 30-day moving average for Bitcoin’s hash rate recently crossed above the 60-day moving average, signaling that miner capitulation might be over and Bitcoin’s price could see a sharp rebound in the next several weeks.
Miner capitulation refers to Bitcoin miners selling their mined digital assets to cover losses. Once capitulation is over, significant sell pressure will subside, providing an opportunity for Bitcoin to exhibit significant bullish momentum.
Hash rate is only one statistic that could provide insight into a potential bottom for BTC. There are many moving pieces in crypto markets, and no one indicator can surely predict a market rebound. Regardless, the continuing sideways trading at the $21k range is a bullish sign that could signal a potential rebound in the next several weeks. However, it’s still too early to tell.
In other news, the world’s largest Bitcoin ATM firm is scheduled to go live on NASDAQ under the symbol “BTM.” According to a report from BitcoinMagazine, Bitcoin Depot is set to go live by Q1 2023 after an $855 million SPAC deal.
Bitcoin Depot boasts over 7,000 ATMs across the United States, making it the largest provider of Bitcoin ATMs in the country. The company will be acquired by a special-purpose acquisition company (SPAC), which is expected to be completed by Q1 2023. The company will become Bitcoin Depot Inc. and go live under the BTM symbol on the NASDAQ exchange.
The Bitcoin ATM industry has come a long way for a company to go public on the world’s largest stock exchange. The SPAC acquisition deal is yet another bullish sign not only for Bitcoin but also for the cryptocurrency market as a whole.
Regarding relevant Ethereum news, the upcoming network merge is still the talk of the town, with traders expecting Ethereum’s price to skyrocket next month. While Ethereum has been underperforming this week, we could see ETHUSD test the $2k range in September.
The network merge is scheduled for September 15th, and if all goes well, September will likely be one of the best trading months for the cryptocurrency.
It’s worth noting that Ethereum already successfully merged on its testnets, with minor hiccups which will likely not occur on the mainnet merge.
Ethereum traded in the $1,600 range this month, with a bottom at $1,491 and a peak of $2k. Now is an excellent opportunity to open long-term positions for ETH if you’re looking to capitalize on the potential bullish momentum resulting from the upcoming merge.
In addition, it’s worth keeping an eye on Ethereum Classic, which could exhibit significant expansion in hash rate as POW miners move from Ethereum to Ethereum Classic post-merge. ETC is currently trading at $35, staying in the $36-38 range throughout the month, bottoming out at $27.5 and peaking at $44.
The global cryptocurrency market remains above $1 trillion, down 1.22% in the past 24 hours. The overall sentiment remains neutral as the market continues its sideways trading action this Friday.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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Image Source: igorigorevich/123RF // Image Effects by Colorcinch
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