The bitcoin price has remained unchanged after staying within the $21k area all week. BTC looks strong to hold support until next week, when the market may determine what to do next after managing to stay in the same range for the past seven days. On the other hand, Ethereum has fallen below the $1,600 mark, losing its support range.
Let’s consider any pertinent Bitcoin and Ethereum news that could affect prices this weekend and the following week.
Key Ideas
- The $20k-$21k price range seems to be Bitcoin’s favorite zone.
- Hash Ribbons indicate miner capitulation may have ended, signaling a bullish indicator for BTC/USDT pair.
- Bitcoin Depot has signed an acquisition agreement worth over $855 million to list on NASDAQ under the “BTM” symbol in Q1 2023
- With the upcoming network merge, cryptocurrency traders expect bullish momentum to develop next month.
- Ethereum Classic could stage a price spike since POW miners might switch to ETC after the ETH network merge.
- As sideways trade continues, the cryptocurrency market’s sentiment remains neutral.
Bitcoin News Update
The creator of the quantitative crypto fund Capriole Investments, Charles Edwards, coined “hash ribbons,” as highlighted in a CNBC report and may act as a buy signal for bitcoin (BTC). Recently, the 30-day moving average for Bitcoin’s hash rate passed over the 60-day moving average, indicating that miner capitulation might be over. Also, Bitcoin’s price is ready to experience a dramatic comeback in the coming weeks.
When Bitcoin miners sell the digital assets they have created to make up losses, this is called “miner capitulation.” Significant sell pressure will decrease after the capitulation, giving Bitcoin a chance to demonstrate strong bullish momentum.
Everyone has been making assumptions on what would be Bitcoin’s bottom price. One of the notable statistics that can shed light on when BTC may bottom out is Hash Rate. Since many factors exist in the cryptocurrency markets, no single signal can accurately forecast a market recovery. Regardless, the sideways trading at or around $21k is an optimistic indicator that can point to a potential rebound in the coming weeks, which is still not a known fact.
Top Bitcoin ATM Company To List On Nasdaq
The biggest Bitcoin ATM company in the world is preparing to list on NASDAQ under the symbol “BTM.” An $855 million SPAC agreement will allow Bitcoin Depot to launch by Q1 2023, according to a report from BitcoinMagazine.
As the largest supplier of Bitcoin ATMs in the US, Bitcoin Depot has over 7,000 machines across the United States. A special-purpose acquisition company (SPAC) will buy the business, and the transaction should be finished by the first quarter of 2023. The organization will change its name to Bitcoin Depot Inc. and kick off trading on the NASDAQ exchange with the ticker code BTM.
For a business to list on the biggest stock exchange in the world, the Bitcoin ATM sector has gone a long way. This is another encouraging development for the cryptocurrency market as a whole.
Ethereum News Update
Regarding current Ethereum news, the impending network merge is still a hot topic as traders anticipate a sharp increase in the value of Ethereum next month. Ethereum hasn’t been doing well this week, but ETHUSD is poised to hit the $2k level in September.
September will probably be one of the finest trading months for the cryptocurrency if everything goes according to plan on the anticipated network merge date of September 15th.
It’s important to remember that Ethereum has already successfully merged on its testnets, with just minor setbacks that will probably not happen on the mainnet merging.
With a low of $1,491 and a high of $2k, Ethereum fluctuated in the $1,600 range this month. This is the mind of opportunity that comes before the huge anticipated run, so traders can go ahead to take advantage of the anticipated positive momentum brought on by the impending merger.
ETC Poised for a Potential Price Spike
Additionally, it is crucial to keep an eye on Ethereum Classic (ETC), which may experience a significant increase in hash rate as POW miners switch to Ethereum Classic after the merger. ETC has been trading in the $36-38 range this month, bottoming out at $27.5 and reaching a high of $44. It trades at around $35, which is a good buy-in zone.
Despite a loss of 1.22% over the previous day, the market cap of all cryptocurrencies is still above $1 trillion. This is a good sign that the general market is still holding its position strong.
This Friday, the market has continued to trade sideways with little changes in the general sentiment.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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