This week in Bitcoin, here are five key things to be aware of as the exchange flow gap reaches 10,000 BTC.
A notable change in Bitcoin hodler sentiment sets the stage for BTC price remaining at its highest levels in a year and a half.
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1. Bitcoin's Strong Momentum:
Bitcoin, currently trading at around $34,966, is maintaining its position near 18-month highs. The weekly candle close on November 6 set a new 18-month high, briefly reaching below $36,000. There's a fierce battle between buyers and sellers, making it challenging to surpass current resistance levels. Market participants have varying price targets, with $40,000 being a popular one, and expectations for higher levels by the end of 2023.
BTC/USD 1-week chart. Source: TradingView
2. Changing Market Sentiment:
Bitcoin and altcoins are displaying a change in sentiment and resisting retracement despite a challenging macroeconomic environment. Traditional assets like stocks are under pressure, while crypto is forging its path. Cryptocurrency bulls are optimistic that the upside potential is not exhausted.
3. Potential Volatility Triggers:
In the coming week, the United States Federal Reserve will deliver remarks, including Fed Chair Jerome Powell, potentially impacting the market. A short trading week on Wall Street may lead to extended out-of-hours trading, potentially causing more volatile moves. Turbulence in bond markets and shifts in stocks contribute to a volatile outlook.
Fed target rate probabilities chart. Source: CME Group
4. Resilient Bitcoin Fundamentals:
Bitcoin's hash rate and mining difficulty are at all-time highs and are expected to reach new records. Miners are likely increasing their BTC holdings before the next block subsidy halving. The hash rate has been showing an upward trend in recent months.
Bitcoin network fundamentals overview (screenshot). Source: BTC.com
5. Shift in Hodler Sentiment:
Bitcoin exchange flow data indicates a significant shift in sentiment. Bitcoin withdrawals are increasing, and there's a decrease in deposits, indicating a preference for long-term holding. The exchange deposit/withdrawal gap has reached its second-highest value ever, suggesting stronger long-term belief in Bitcoin's value.
Bitcoin exchange flow data chart. Source: James Van Straten/X
6. Greed in the Crypto Market:
The Crypto Fear & Greed Index is at 74/100, indicating increased greed in the market. Historical extremes for the index have been around 95/100. Investors are becoming more profit-focused, and market sentiment may be shifting towards irrational exuberance.
Crypto Fear & Greed Index (screenshot). Source: Alternative.me
