Bitcoin Close to $23,000 On Feb 26
- 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.
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.
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.
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.
- 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.