Bitcoin Fundamentals Indicate a New Rally

Bitcoin has been steadily increasing since its January low of $32,933.33, The price has been increasing close to 28%.  However, the price seemed to have dropped after establishing a ‘double top’ shape around the swing highs of $45,500. Bitcoin begins the week on a steady decline in the direction of crucial support near $40,000, where it has been for some time. Despite a week of celebration for bulls, the current environment appears to be a harsh dose of reality, as BTC faces jittery stock markets, a rising US currency, and other variables. This week, the bullish Bitcoin narrative was put to the test as geopolitical tensions between Ukraine and Russia, as well as the possibility of a 50 basis point Federal Reserve interest rate rise in March, weighed on the world’s leading cryptocurrency. Bitcoin Spot Price Exceeds The Futures  Interesting activities have been taking place in Bitcoin derivatives markets during the rise and fall from local highs. Twitter watchers including Glassnode chief analyst Checkmate have remarked, Bitcoin futures leverage has fallen significantly this week, from 2.0% of market cap to 1.75. In regards to the relationship between spot and futures pricing, Byzantine General, a fellow commentator stated that the futures will now trade below, rather than above, spot price.  The Typical Relocation Support is 50 Working Days Despite a series of lower lows on the daily chart, the weekend was relatively calm after clearing $45,500 late the previous week. Following a 10-day rally, Bitcoin is running against resistance concentrations that have been off the bulls’ radar since the middle of January. Bitcoin’s community fundamentals have had a great year so far, and this week is no exception. Over the weekend, hash price charts, which measure the processing energy dedicated to mining, rocketed to new all-time highs. Over the weekend, hash price charts, which measure the processing power dedicated to mining, hit new all-time highs. Bitcoin’s community fundamentals have had a successful year up to this point, and this week is no exception.

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