The Hottest BTC News BItcoin Beware Of the escape from exchanges

 Bitcoin: beware of the escape from exchanges! | The Hottest BTC News

The incredible week of Bitcoin. This is how we will remember it as the first of the year after the holidays, with the king of the market starting to fly again, breaking through various resistances and hovering well above $20,000. And enthusiasm returns to the markets – even among those enthusiasts who got burned the most during the last bear market.

All finished? All gone? It's not for sure. And we open with a Sunday appointment that allows us to take stock of the situation and also to summarize what was important that happened during the last week. A week that has successfully passed the fear of inflation and that for many could also be a local turning point.

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What a Bitcoin week! $BTC flies above $20,000

A massacre of bears, as we have already said in one of our weekly analyses. Massacre because many of those who were shorting and therefore betting against Bitcoin, found themselves with liquidated positions - even when the leverage applied wasn't that important. But what has led to Bitcoin's resurgence over the course of this last week?

Inflation 'OK' – markets tepid

In a more unique than rare case in such complicated moments for macro conditions, US inflation has mirrored 1:1 what was forecast. Sure, not great news, but not bad news either. And after the typical volatility of these hours of trading, those immediately following the declaration of the data, we have returned to a calm which for many, it must be recognized that they said it well in advance, was an omen of resurrection.

Hong Kong changes course

And it does so by opening up the possibility for everyone, even small investors, to buy Bitcoin and other cryptocurrencies with high liquidity. An epochal passage that perhaps few have understood in its actual importance. Of course, we will have to wait for a new law which will most likely be promulgated in June. However, the ok from the homologous authority of CONSOB in Hong Kong is a reason for hope with a well-response.

A first step towards $19,000

The first important step was towards the $19,000 level, which is already a very attractive price level, if we were to take into account the fact that only last week we were struggling above $17,000. Our analysis - which is just over 48 hours old - was correctly conservative, as everything seemed to signal further difficulties in overcoming the much more grim resistance that awaited us around the $20,000 level.

The massacre of the bears

The definitive attack on the bears that had been in total control of the market for months occurred in the night between Friday and Saturday. More squeezes, more chain liquidations, another big jump for Bitcoin, which has also touched $21,000 several times over the last 24 hours. All the warnings we made in yesterday's guide apply. Before thinking about further racing, let's evaluate our current positions very carefully. FOMO mirrors panic: it often makes us make decisions that are not exactly intelligent.

Curated mining: hashrates on the rise again and…

There was also important news on the miner front, one of the Bitcoin sectors most in crisis due to the recent bear market and also due to not always prudent management. There is Celsius which has sold a part of its ASIC fleet and this week it should return to strong growth in terms of hashrate

And therefore, as the price increases, there will be further pressures that come from a greater computing power supplied (and therefore from a lower yield per hashrate) towards those miners who have not managed to organize themselves in the correct way.

Is that a problem? The growth in the price of $BTC can help settle accounts burdened by debts, but also accompanied by solid repayment plans that have been developed or are developing. Ugly to say, perhaps, but the variable that will be able to give the definitive hand to a sector in crisis will be precisely the price. Price that is preparing to open a new week with a decidedly renewed strength