Thursday, 30 November 2023

Crypto News

Mining BTC is harder than ever — 5 things to know in Bitcoin this week

Mining BTC is harder than ever — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts a new week firmly back in the “Uptober” spirit as the weekly close gives way to a classic short squeeze.

In a return to classic BTC price volatility of the kind seen earlier in the month, the largest cryptocurrency is tackling $28,000 ahead of the first Wall Street open.

While still in an established trading range, Bitcoin is keeping traders on their toes — both longs and shorts are getting caught out by short-term spot price moves, and liquidations are mounting.

Sentiment is fluctuating in step with these moves. Heading toward the top of the range, Bitcoin sees a flurry of bullish projections, with these replaced by fear and foreboding when downside reenters.

Well-known market commentators thus remain overall cautious, even as October — traditionally Bitcoin’s best-performing month — plays out.

Behind the scenes, the signs are solid — network fundamentals are headed to new all-time highs, and difficulty is due what could end up its third-largest hike of 2023.

With macroeconomic data giving way to a focus on geopolitical tensions in the Middle East this week, there is plenty for Bitcoin investors to keep an eye on when it comes to external sources of BTC price volatility.

Cointelegraph takes a closer look at these market phenomena and more in Cointelegraph Markets’ weekly rundown of BTC price triggers waiting in the wings.

BTC price: Short squeezes and “old” coins

Weekly close volatility on Bitcoin did not disappoint this week, with one short squeeze following another to see BTC/USD add $1,000, data from Cointelegraph Markets Pro and TradingView confirmed.

BTC/USD 1-hour chart. Source: TradingView

The climate headed into the first Wall Street open is decidedly different to that over the weekend and before, where downside characterized the landscape amid problematic macroeconomic reports from the United States.

Now, optimism is returning, with Michaël van de Poppe, founder and CEO of MN Trading, calling the trip to multi-day highs of $27,975 a “great move.”

“Dips are for buying, most optimal entry would be $27,300,” he told X subscribers in part of the day’s commentary.

Van de Poppe further predicted continuation of the uptrend.

BTC/USD annotated chart. Source: Michaël van de Poppe/X

Covering the impetus behind the latest action, monitoring resource CoinGlass noted liquidations among short BTC positions.

“At 27450, a large number of shorts have been liquidated,” it concluded alongside a liquidation heatmap for…

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