Bitcoin Close to $23,000 On Feb 26
Bitcoin Perseveres
- BTC/USDT continued to register higher highs and higher lows. The ascending channel printed on the daily chart denotes a general uptrend. However, the moving average convergence/divergence (MACD) line has crossed under the signal line, which is a usual indicator of a bearish trend.
- Sturdy support for BTCUSD can be found at $22,262, where the 23.6% Fibonacci retracement, 50-day Simple Moving Average (SMA), and the lower boundary of the chart pattern coincide.
- Some resistance may appear at the middle boundary of the prevailing chart pattern at $24,421, coinciding with the 78.6% Fibonacci retracement level.
![bitcoin up](https://kentino.com/wp-content/uploads/2023/03/ec57fc51a81eba8bef1c498cc578d53d-1024x562.png)
Mining Difficulty At All-Time-High
- Bitcoin mining difficulty has continued to increase in 2023. BTC hashrate, which remained above the levels of 200-exahash-per-second (EH/s) in 2022, has averaged around 300 EH/s in 2023.
- Last week, the high hashrate has led to a significant increase in the mining difficulty.
![mining difficult](https://kentino.com/wp-content/uploads/2023/03/5581dcf05087dc7a30165d1008a7daa1-1024x576.png)
Open Interest Surges
- On Binance Futures, the BTCUSDT Open Interest closed the week on February 26 at about 2.48% higher than at the beginning of week on February 20.
![](https://kentino.com/wp-content/uploads/2023/03/b0137e8461e92ffb8b94ba1c95f29ca1-1024x290.png)
Traders Are Optimistic
- On Binance Futures, the BTCUSDT Long/Short Ratio closed on Sunday, February 26 at 2.06 as 67.31% of all Binance Futures accounts with an open position in BTCUSDT are net long, while the other 32.69% are net short.
![sellers are optimistic](https://kentino.com/wp-content/uploads/2023/03/7c384bc2dc0231cf48a05f283e549ac8-1024x275.png)
Weekly Market Movers
The DEFIUSDT, BTCUSDT, ETHUSDT, and BNBUSDT Futures Perpetual Contracts had a negative week-over-week return of -2.48%, -0.87%, -0.44%, and -1.56% respectively.
![market review](https://kentino.com/wp-content/uploads/2023/03/16f718f2b18a1bc5514b4ba1d456901b-1024x576.png)
![top crypto gainers and losers](https://kentino.com/wp-content/uploads/2023/03/c0839cb53c4b2a6f2ae8da9d503bae05-1024x576.png)
News Roundup
- Coordinated Global Policy – During the G20 Summit, India urged member nations to build and understand the macro-financial implications of crypto assets and recommended formulating a coordinated global policy.
- Spotify’s Token Enabled Playlist – The new service from Spotify will allow non-fungible token holders to connect their Web3 wallets and listen to a selected music playlist.
- Bitcoin Attracting Banks In US – A report shows that a growing number of banks in the United States are exploring the digital currency space.
- Columbia Experiments In Metaverse – A Colombian court recently hosted its first legal trial in the Metaverse with the participants appearing as avatars in a virtual courtroom.