Is Bitcoin Gearing Up to Exit the Current Bottom?

Since Bitcoin has been trading above the psychological price of $20K, Glassnode has released its weekly on-chain report titled “Hammering Out The Bottom,” scrutinizing the stakes and the risks that may lay on the road ahead.

Timeline of Bitcoin

Veteran trader Tone Vays is reversing his outlook on Bitcoin (BTC), no longer forecasting an imminent collapse as he had earlier this month. In a new strategy session, Vays tells his 123,000 Youtube subscribers that he is now leaning bullish after Bitcoin and the crypto market traded higher in recent days.

The Bitcoin price is trading in the green during the Asian session, near $20,534 after bouncing off the $20,265 support level. Similarly, Ethereum has increased by less than 0.50% to $1,594 and is on its way to the 78.6% Fibonacci retracement level.

Bitcoin's price fell from its peak of $69,700 to the current average of $19,500. Investors were undoubtedly affected by this 72% price decline, especially those who chose not to liquidate their holdings. As prices continue to move in a sideways trend, the excitement for an impending bull run has begun to fade.

Bitcoin and Ethereum were seen trading in the red on Monday evening, even as the global cryptocurrency market cap inched up 0.07% to $1 trillion at 9:15 p.m. EDT. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin (CRYPTO: BTC) -0.5% 5.9% $20,470.95 Ethereum (CRYPTO: ETH) -0.9% 16.9% $1,572.28 Dogecoin (CRYPTO: DOGE) 0.6% 111.3% $0.125 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price Chain (XCN) +26.6% $0.06 OKB (OKB) 6.7% $17.22 The Sandbox (SAND) +4.5% ​​$0.90

The current Bitcoin price is $20700 as a result of yesterday's significant price increase and the subsequent bullish momentum over the last few hours. Thus, we anticipate BTC/USD will continue to rise and aim for the next resistance level of $21,000.

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has wished Satoshi Nakamoto's Bitcoin whitepaper a happy birthday. “It has led to innovation and crypto asset investing. Let's make sure as crypto enters its 15th year that investors get proper protection,” said the SEC chairman.

London-based Bitcoin mining group Argo Blockchain's plan to raise $27 million from a strategic investor has failed to take place. The London Stock Exchange today published a press release notifying that Argo no longer believes that this subscription would be consummated under the previously announced terms.

The FOMC meeting is currently looming above the financial markets, including bitcoin, given that it is just a few days away. Previous interest rate hike trends and the fact that inflation remains a prominent threat have led to a negative outlook for the FOMC meeting.

The Bitcoin Whitepaper, the document that presented the first cryptocurrency to the world, is turning 14 years old today. Investors, community members, developers, and others celebrate this event across social media platforms.

Widely followed crypto analyst Benjamin Cowen says incoming inflation data could largely influence the trajectory of Bitcoin (BTC). In a new video, the analyst tells his 771,000 subscribers that interest for Bitcoin will likely come back if the price of the top crypto asset breaches the bull market support band.