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“6.2 million return Bitcoin, market share is the lowest level in 3 years” Bitbank-contributed cryptocurrency weekly market conditions

Cryptocurrency

This week’s market movement

This week’s Bitcoin (BTC) market has recovered from the crash last week to the 6.2 million yen level. Ethereum (ETH) has also soared to reach $ 3,000 for the first time.


table of contents
  1. Rise and fall rate of each market
  2. bitbank contribution

List of rate of increase / decrease of each index

The weekly rate of increase / decrease as of the closing price on 5/7 (Friday) is as follows.

Created with CoinPost

Monthly rate of increase / decrease

Created with CoinPost

Year-to-date rate of increase / decrease

Created with CoinPost

(This week’s rate of increase / decrease is calculated using last week’s closing price and this week’s closing price. Monthly and year-to-date are also calculated using the previous month’s and year’s closing prices)

(Refer to Exchange Coinbase for the price of virtual currency, see Tradingview for the price of each stock)

BTC chart from 5/1 to 5/7

Created with CoinPost

bitbank analyst analysis (contribution: Tomoya Hasegawa)

The Bitcoin (BTC) exchange rate against the yen this week (as of noon on the 7th) has fluctuated significantly up and down with 6.2 million yen in between, and has remained almost flat on a closing price basis.

This week’s crypto assets (cryptocurrency) market is in the spotlight of major altcoins, and Bitcoin will start trading micro bitcoin futures on the Chicago Mercantile Exchange (CME). However, even though it was firm, the turning point on the chart of February against the dollar became resistance, and the upside was also suppressed.

It seems that Altcoin has revived the color of the circulation that has continued since before the listing of the coin-based Nasdaq. Ethereum (ETH), which drove this trend, started a surge from around 320,000 yen this week toward the purchase of Ether by Nasdaq listed company Mogo and the release of Uniswap V3 on the 5th, and reached 390,000 yen on the 6th. I’m touching it for the first time.

In addition, it was noticed that Elon Musk will make a guest appearance on the US Tale program on the 8th, and Dogecoin’s (DOGE) against the dollar soared to 85% at one point from the beginning of the week. Bitcoin Cash (BCH), which is about to update its regular hard fork next week, has seen a surge of just under 52% in the day on the 5th, and funds are flowing to Altcoin.

Figure 1: BTC vs. Yen Chart (1 hour) Source: Created from bitbank.cc

In the Bitcoin market before Golden Week, although technical sentiment deteriorated due to the start of the Bollinger band’s descending band walk and the appearance of the three-role reversal of the Ichimoku Kinko Hyo, the subsequent hash rate stability and mining difficulty (= Stabilization of supply and demand), continued risk-on in a wide range of markets due to the successful passage of the FOMC on the 29th of last month in Japan time, and the rise in US expected inflation that continued to stagnate. It became a support for.

As a result, the squeeze of the Bollinger band that suggests the start of the trend appears in Bitcoin at the moment, and the market price recovers the lower limit of the resistance band (cloud = between the leading span 1 and the leading span 2) in the Ichimoku Kinko Hyo, and the equilibrium table Has improved (the turning line is the golden cross at the reference line), and the three-role reversal, which is a strong selling signal, has been resolved (Fig. 2).

Figure 2: BTC vs. Yen Chart (Daily) Source: Created from bitbank.cc

Technically, it cannot be said that it has returned to the bull market, but it is noteworthy that the market share of Bitcoin has dropped significantly due to the rise in the altcoin market. According to Coingecko, the occupancy rate of Bitcoin as of the morning of the 7th has dropped to about 43%, the level for the first time in 3 years, and I would like to pay attention to whether the funds will return to Bitcoin once the altcoin color is over.

Demand indicators such as US employment statistics and next week’s consumer price index may have a limited impact on the Bitcoin market as the correlation with US stocks breaks, but will Bitcoin continue to solidify until altcoin buying settles down? ..

Contributor: Tomoya HasegawaTomoya Hasegawa (Yuya Hasegawa)

After graduating from the British graduate school, worked as an analyst in the FinTech industry and the virtual currency market at a venture consisting of people from financial institutions. Market analyst at Bitbank Co., Ltd. from 2019. Providing comments to major domestic financial media and contributing to overseas media.

Relation:bitbank_markets official website

Previous report:Coinbase, the largest US exchange on the verge of going public, paying close attention to the direction of the market | bitbank analyst consideration

Relation:Explaining the reason for the soaring price of Bitcoin, “three factors” for the accelerating inflow of funds

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Author: A. Sakamoto

Images used under Shutterstock license
“Cryptocurrency” means “cryptographic assets”

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