Bitcoin Miners Move Millions to Exchanges: 5 Crucial Updates in the Bitcoin Market This Week

Bitcoin Miners Move Millions to Exchanges: 5 Crucial Updates in the Bitcoin Market This Week

Bitcoin Maintains its Ground Above $30,000

As the first week of July commences, Bitcoin stabilizes with robust $30,000 support. Despite a 20% surge in the Q2, Bitcoin proves resilient to bearish sentiments with strong weekly and monthly trends. What are the potentials?

Traditional Financial (TradFi) markets are anticipated to be calm this week as Wall Street readies for the Independence Day holiday. In the absence of significant U.S. macroeconomic data, any volatility in the Bitcoin market would need triggers from other sources. Will the bulls get their chance?

Market predictions vary, some envisage Bitcoin rising beyond $32,000, while others anticipate this month to be Bitcoin's peak in the 2023 recovery.

Short-Term Bitcoin Price Upside Potential reaches $40,000

With minimal volatility, the weekly close of Bitcoin price favored bulls. The new week made a foray into the $30,850 zone in Bitstamp, marking another attempt at the annual highs of $31,000.

An absence of a trend change fuel has prompted optimistic traders to adopt a wait-and-see approach for upside continuation.

200-week Exponential Moving Average (EMA), often acting as market support, has gained renewed importance, with traders like Jelle and Crypto Ed setting their sights on a significant uptick, potentially up to the record-breaking $69,000.

Macro Sentiments Remain Tame but Banking Sector Raises Eyebrows

With the U.S. focused on the upcoming July 4th celebrations, the macroeconomic environment is expected to be relatively undramatic with minimal influence on crypto volatility.

Bitcoin Miners Move Millions to Exchanges: 5 Crucial Updates in the Bitcoin Market This Week

However, interest rates remain in spotlight. As we await the U.S. Federal Reserve meeting slated for later this month, the probability of a 0.25% hike to be nearly 90%, according to the CME Group’s FedWatch Tool.

The banking sector, specifically, the regional banks and the Bank of America, are drawing increasing attention due to their loss-making bond purchases, a problem German central bank, Bundesbank, shares.

Bitcoin Miners Make Record Transfers to Exchanges

Data derived from Glassnode, an on-chain analytics firm, shows a dramatic increase in the number of coins Bitcoin miners are dispatching to exchanges. Despite this, there is a dearth of evidence to show that miners are facing hardships.

Bitcoin Hodlers Refuse to Sell Despite Profits

Despite the average Long-Term Holder (LTH) entity being 47% in profit on their Bitcoin position, many veteran Bitcoin investors are holding on to their assets and unwilling to sell, even in the face of high profits.

Investor Indecision Reflected in Market Sentiment

The Crypto Fear & Greed Index reflects investor sentiment's inherent fickleness as Bitcoin maintains its position around the $30,000 mark, with Ethereum also facing hurdles to reclaim $2,000.