It was an eventful week for Bitcoin. After bouncing from the accumulation zone, Bitcoin has re-entered its $56,000 to $58,000 consolidation region (see chart below).
Bitcoin and global markets tumbled on Wednesday amid renewed fears over a Covid-19 variant.
Bitcoin continues to stay below its 20D and 50D EMAs which serve as a critical resistance. The next major support remains within the $53,000 to $55,000 range.
Federal Reserve Chairman Jerome Powell seeks to tighten monetary policy which could serve as a strong catalyst for store-of-value assets such as Bitcoin.
According to data from glassnode, Bitcoin supply on exchanges has plummeted to 12.90%. The reduction in supply is bullish as this may drive an imminent supply shock.
Metaverse and gaming assets surged amid data suggesting the industry can grow to over $1T. See Alex Tapscott’s take on video games and the metaverse below.
Bitcoin’s network processed $489B per quarter to outpace PayPal which processed an average of $302B per quarter in 2021. See the ‘Top News’ section for a full breakdown of the story.