Bitcoin and its ardent followers had a relatively calm week. Although there were some quick swings on both the lower and higher sides, BTC ended with relatively less volatility. Over the week, Bitcoin made a high of $35,894 and made a week’s low just above the $32,000 level. BTC is down by a meager 2.36 per cent for the week.
On the technical front, a huge number of short positions had opened up on BTC. However, there was not much fodder for the bears as the Bitcoin bulls managed to keep the market above the crucial $32,000 price point. The second-largest cryptocurrency and the largest altcoin by market capitalization, Ether, took a larger hit. It is down by 4.52 per cent for the week.
The daily time frame chart for Bitcoin indicated that the traded volume has taken a dip when plotted with the 50-day moving average of volume candles. This dip is a major indicator that points to the long-term accumulation of Bitcoin. It causes a shortage of supply of BTC across crypto exchanges. This squeeze in supply can gradually cause a huge bull run if the accumulation continues on its course.
Although this was a relatively calm week on the macro-economic front, two events managed to cause quite a stir in the crypto universe.
- Barclays bank stopped its clients from depositing fiat currency in cryptocurrency exchanges.
- Binance temporarily suspended payments through its SEPA network in the EU.
Although these events did not