Bitcoin Makes Two Back-to-Back Weekly Closes Above 200-Week MA

Bitcoin (BTC) has closed above the 200-week moving average (WMA) for two consecutive weeks, according to market analyst Ali Martinez.

Martinez pointed out:

“Bitcoin printed a second consecutive weekly candlestick close above the 200-week MA. This week, BTC needs to remain trading above $23,000 to keep this crucial level as support. Notice that all previous BTC bear markets since 2014 ended around the 200-week MA.”




The 200 WMA is a long-term indicator that shows a market’s bearish or bullish trend. Therefore, Martinez believes Bitcoin should close above $23,000 this week to hold this significant support level.


The leading cryptocurrency was hovering around $23,073 during intraday trading, according to CoinMarketCap.


On the other hand, Bitcoin’s open interest has been experiencing an uptick. Bloomberg analyst Mike McGlone stated:

“If CME-listed futures are a guide, the maturation process of Bitcoin and Ethereum is progressing well, with price implications. Bitcoin open interest is steadily trending upward, Ether futures’ 90-day volume is at an all-time high, and the curve is tilting toward earning income.”

These bullish signs and the fact that BTC deposits on exchanges reached a 2-year low seem to be changing the narrative.


Low crypto deposits on exchanges illustrate a hodling culture because coins are mostly held in cold storage or digital wallets for future purposes other than speculation. 


Meanwhile, inflows into crypto investment products have been experiencing an uptrend, Blockchain.News reported. 

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Low-Risk Appetite Continues to Play Out in Bitcoin Market Based on Diminishing Institutional Activity

Institutional activity remains sluggish as bitcoin hovers around the lower $20K level, depicting a low-risk appetite.

On-chain analyst Caue Oliveira pointed out:

“Low institutional activity evidences de-risking movement by traditional whales. Looking at the daily trading volume in mutual funds traded in the traditional market with direct/indirect exposure to BTC, we can see the current low-risk appetite.”




Institutional investment has played an instrumental role in enabling Bitcoin to hit all-time highs (ATHs). For instance, BTC breached the then-historic highs of $20K in December 2020 after failing to do so for three years as more institutional investors joined the network.


Furthermore, institutional investments enabled the leading cryptocurrency to record the latest ATH of $69,000 in November last year.


Nevertheless, retail investors continue jumping on the Bitcoin bandwagon based on the rise of non-zero BTC addresses. Market insight provider Glassnode stated:

“The number of BTC addresses holding 0.01+ Coins just reached an ATH of 10,560,930. Previous ATH of 10,560,117 was observed on 26 July 2022.”




Despite the back and forth being experienced in the BTC market, long-term objectives continue to take shape. 


Through its weekly report dubbed “Conviction Through Confluence,” Glassnode highlighted:

“Long-term supply dynamics continue to improve, as redistribution takes place, gradually moving coins towards the hodlers. Notable supply concentrations are observable at $20K, $30K, and $40K, which tend to align with both technical and on-chain price models, making these regions significant zones of interest.”

Bitcoin was hovering around $21,392 during intraday trading, according to CoinMarketCap. With the looming interest rate review by the Federal Reserve (Fed) slated for July 27, it remains to be seen how the top cryptocurrency plays out in the short term. 

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NFT Trading Volume Surpasses $54B, Exceeds 200% in 2022

The non-fungible token (NFT) market continues to take the world by storm based on the notable adoption and trading volume witnessed.

Data analytic firm IntoTheBlock explained:

“The total volume traded by NFTs has recently surpassed 18m ETH with an aggregate value of more than $54b.”




From the above chart, the total volume traded by NFTs stood at $16.94 billion on January 1, 2022, rising by 220% to hit the current $54.33 billion. Therefore, the NFT trading volume has grown exponentially from the beginning of the year.


Furthermore, NFT collections in the Ethereum (ETH) network have risen in 2022. IntoTheBlock noted:

“The number of NFT collections in ETH has increased by 104.5% in 2022. There are now a total of 80,300 collections.”




Nevertheless, the adoption of NFTs is still in the early stages. IntoTheBlock pointed out:

“The NFT adoption curve is just starting. Roughly only 4.5% of the ETH addresses with a balance are NFTs holders.”




NFT market expected to grow by $147.24 billion by 2026

According to a study by market research provider ReportLinker, the NFT market is anticipated to grow by 147.24 billion during the 2022-2026 forecast period, representing a compound annual growth rate (CAGR) of 35%.  


Per the report:

“The growing number of big brands entering the market, the emergence of fractionalized NFTs, and the growing application of AI in the market will lead to sizable demand in the market.”

Furthermore, the NFT market is expected to continue being driven by growing investment in digital assets, soaring demand for digital artworks, and security and ownership of digital assets. 


Meanwhile, the Bored Ape Yacht Club (BAYC) recently entered the big screen based on a series of animated short films called “The Degen Trilogy.”

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Bitcoin (BTC) $ 43,765.73 4.73%
Ethereum (ETH) $ 2,281.18 2.42%
Litecoin (LTC) $ 73.49 1.39%
Bitcoin Cash (BCH) $ 248.10 0.84%