Bitcoin Close to $23,000 On Feb 26: Market Update
By Mgr. Michal Beno - CEO | February 26, 2023 | Category: IT news
Bitcoin Perseveres
- BTC/USDT continues to register higher highs and higher lows, with an ascending channel on the daily chart indicating a general uptrend.
- However, the moving average convergence/divergence (MACD) line has crossed under the signal line, typically indicating a bearish trend.
- Strong support for BTCUSD is 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.
- 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 200 exahash-per-second (EH/s) in 2022, has averaged around 300 EH/s in 2023.
- Last week, the high hashrate led to a significant increase in mining difficulty.
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 the week on February 20.
Traders Are Optimistic
On Binance Futures, the BTCUSDT Long/Short Ratio closed on Sunday, February 26 at 2.06. 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.
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: Spotify's new service 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.
- Colombia Experiments In Metaverse: A Colombian court recently hosted its first legal trial in the Metaverse with participants appearing as avatars in a virtual courtroom.
