Bitcoin kept relatively calm on the weekend, showing a rather narrow price range of $9,500-$9,750 during the last day. At the same time, it is possible to note a rather significant growth of trading volumes by 37% to $26 bln. During the week, the benchmark cryptocurrency shows a 3% growth. The charts clearly show that the upward trend is gaining strength. However, for the time being, the price bumps into the glass ceiling at 10K, as the miners sell their assets.

Among the TOP-10 coins, Cardano (ADA) is the leader in terms of growth, adding 12% over the week, Bitcoin Cash (BCH) rose by 7%. Ethereum (ETH) failed to close the week above $250, adding just over 3%, just like Bitcoin. However, the very fact that there was no sale is good news for the Ethereum (ETH), which has been growing steadily for the last three months.

Analytical company Arcane Research showed that after halving the miners sell 5% more coins than produced to cover the cost of the production process. Balancing the market of miners can be compared with the oil market, where participants have been working at a loss for some time to maintain market share. However, unlike the oil market, mining is still free, which will eventually take weak players away from the market. This means that the path for bitcoin growth will be open only after the stop of miner's coin sale and the balancing of computing power.

After activating of halving, BitInfoCharts recorded a drop in commission for transactions in the bitcoin network by almost 80%. The network mempool is also much lighter now. Despite the shock waves after the halving, it still has a favourable impact on the network, which is a confirmation of Nakamoto's correct financial and mathematical decision.

Selling bitcoins by miners looks like a temporary price pressure factor. In this regard, it is possible that the glass ceiling can be passed through with more and more purchases from investors and traders following the recovery of demand for risk in global markets.

Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto.com price consolidates, forecasting a 22% rally for CRO holders

Crypto.com price consolidates, forecasting a 22% rally for CRO holders

Crypto.com price seems to have undone its breakout gains seen in the last week of September. This downtrend has morphed into a tight consolidation showing no volatility. Investors can take their eyes off CRO as long as this trend continues.

More Crypto.com news

Ethereum Classic price could bounce 10% if the conditions are perfect

Ethereum Classic price could bounce 10% if the conditions are perfect

Ethereum Classic price has started to turn around after weeks of downtrend and sell-off, but there is still more room to cover. Therefore, investors need to be careful as this ongoing spurt in bullish momentum could take a U-turn quickly. 

More Ethereum Classic news

Chainlink Price Prediction: LINK hints at a sweep-the-lows event targeting $5.70

Chainlink Price Prediction: LINK hints at a sweep-the-lows event targeting $5.70

Chainlink price has been producing higher lows since June. The Volume Profile Indicator shows bears have regained control of the higher time frames. Invalidation of the bearish thesis is a breach above $10, which could trigger an additional rally towards $12.

More ChainLink news

Bitcoin headed into recovery, rising above $20,000 as Whales begin reaccumulation

Bitcoin headed into recovery, rising above $20,000 as Whales begin reaccumulation

The crypto market has been in a suspended state for the last couple of months, and that effect does not seem to have gone away. Micro fluctuations do take place every now and then. However, on the macro time frame, crypto assets need a major boost.

More Bitcoin news

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP