The market edges up Bit(coin) by Bit(coin) No, Bitcoin is not “giga-mooning”, but it did have its best day in a month on Monday as some positive sentiment ekes back into the crypto market. As for now, all eyes will be on just whether it can maintain this show of strength. These levels represented a generational buying opportunity to some, but to others the slump way below the 200-week line has invalidated previous cycle models and patterns and led many to reassess what could actually be the bottom for Bitcoin.Given historically a weekly Bitcoin candle has never closed more than a couple of percentage points below the line, to many it had come to represent the bedrock of the Bitcoin price chart… until 2022 happened ofc. A record-breaking 32 days were spent below the 200-week from June 16 onwards.Currently, the infamous line resides at $22.7k, which is around a 300% increase from the price level of $5.5k it represented before the 2020 bull market began. Bitcoin rose 4.3% on Tuesday to shoot past its 200-week moving average, trading at $23.4k as of Wednesday morning.
Bears looking at the Bitcoin chart will have eyes on the sub-$18k level, while the bulls will be hoping for a strong response to move back above the 200-week bedrock currently sitting at $22.8k.īattle of the 200W Moving Average Bitcoin climbs above the 200-week line in the sand after spending a record-breaking amount of time beneath it. 75ps or 100bps, it’s likely there’ll be a bit of volatility this week.Elsewhere, however, some economists are calling for a 100bps hike, with the logic that aggression now will quicken the process to bring inflation down by early 2023. The fall in price was in spite of the volatility index (VIX) lowering, suggesting swathes of Wall St may believe that a lot of the economic turbulence caused by the hikes has already been priced in.The move down is ahead of the FOMC’s meeting where peeps are expecting a further 75bps hike on rates come Wednesday. Bitcoin dropped 5.6% on Monday to trade at $21k, falling further astray from the 200-week moving average it managed to briefly break through last week.There’s no FOMO when it comes to FOMC Bitcoin takes a slide ahead of the much feared Federal Open Market Committee (FOMC). The entire crypto asset class fell back below $1tn on Tuesday, with Bitcoin clinging onto $21k after a hefty 5.2% drop on Monday. On the market, Bitcoin is facing a bit of a puzzle itself as it tries to navigate the implications of a potential 100bps Fed hike, as well as a continued struggle at the 200-week moving average.Viker’s co-founder Dan Beasly believes the gaming studio has a vibrant play-to-earn ecosystem, with around 500k players earning Bitcoins from its games every month. All the rewards will go through Bitcoin’s Lightning Network – a layer 2 solution designed to lower transaction time and cost.The companies claim the process of earning and withdrawing the Bitcoin is all pretty user-friendly, and that the money earned can also go back into Zebedee’s own virtual economy. Zebedee and mobile games studio Viker have teamed up to bring Bitcoin rewards to three games: solitaire, sudoku, and ‘Missing Letters’ – a Wordle-like game.Forget mining, just play sudoku If you’re good at puzzles and you like Bitcoin, you’re in luck: gaming startup Zebedee has launched a play-to-earn Bitcoin platform.