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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Bitcoin (BTC) Up 8.2 Percents as More Americans Hold

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read

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  • Bitcoin (BTC) up 8.2 percent in last week
  • More Americans are owners of Bitcoin

A Blockchain Capital survey reveals that Bitcoin awareness, familiarity, and perception has improved, explaining the high Bitcoin (BTC) ownership in the US. At the time of press, Bitcoin (BTC) prices are stable, above $5,500 as buyers aim at $6,000.

Bitcoin Price Analysis

Fundamentals

Blockchain brought decentralization with the community building applications on public ledger securing the network by running full nodes. Bitcoin and Ethereum are the two topmost decentralized, proof-of-work networks dependent on the community for security and transaction confirmation. Even so, Bitcoin’s parameters are not immune to fluctuations.

Of the many like centralization and distribution levels, the hash rate can divulge more than just security. At a glance, hash-rate measures sentiment.  At the moment, rising prices are drawing efficient miners meaning the view is positive. Because of shifting sentiment, many investors are flocking back to BTC increasing its dominance levels.  However, as prices retest critical resistance levels, Bitcoin’s hash rate plunged 22 percent in less than a week to around 42 EH/s.

If anything, this is bearish and could be a leading indicator that prices may drop in days ahead. That is despite what a recent poll by Blockchain Capital revealing that 11 percent Americans are Bitcoin holders. The report further reveals that “despite the bear market, the data shows that Bitcoin awareness, familiarity, perception, conviction, propensity to purchase and ownership all increased/improved significantly.” Furthermore, the shift in trend “highlights that Bitcoin is a demographic mega-trend led by younger age groups.”

Candlestick Arrangement

Bitcoin BTC

At the time of press, Bitcoin (BTC) is up 8.2 percent in the last week. Despite temporary liquidation, we expect prices to rally in coming weeks thanks to improving fundamentals and general expectations in the market after a year of winter.

All the same, it appears that before buyers resume and build on the upswings of early April, participants must first reject lower lows. From candlestick arrangement, there seems to be a correction following the over-valuation of May-4-5 when two bars did close above the upper BB. In that case, it is likely that Bitcoin (BTC) will retest $5,400 before the resumption of the original trend.

Technical Indicators

In light of the above, our reference bar is May-3 bull bar—19k versus 10k. It is wide-ranging, thrusting prices towards $6,000 and above Apr-24 highs. For bears to be in control, then any drop below $5,400 must be with high participation levels above 19k.

Chart courtesy of Trading View

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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