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Bitcoin (BTC) entered the new week after the latest ban from China behind it. In the USA, the infrastructure bill has returned to the agenda. Fundamental and technical factors also remain bullish. Here are five items that will affect BTC this week…

Critical day for the US infrastructure bill

The infrastructure bill has sparked debate in the US about the definition of the word “broker,” which could have far-reaching implications for crypto businesses. Efforts to change the language are still ongoing, led by the likes of Wyoming Senator Cynthia Lummis and her advocate Caidollarsin Long. In total, as of September 27, 539 amendments were made to the bill. Voting will take place on September 30.

What levels does Analisdollarser expect for Bitcoin?

Bitcoin is changing hands at a high of $43,700 at the time of writing. Michael van de Poppe said in a tweet late Sunday that he was “anticipating a green week for Bitcoin.” Also, trader Rekt Capital says that “Bitcoin is stuck by the 111-day moving average support in the Pi cycle and the immediate resistance area of ​​$43,600.” According to the analyst, this price squeeze could be forming an ascending triangle formation at an early stage.

What does on-chain data show?

After a fifth consecutive increase in mining difficulty over the past week, the data shows that Bitcoin will again perform a further upward difficulty adjustment in eight days. It’s not just the hassle – the hash rate is also currently around 145 exahash per second (EH/s) and just 23 EH/s away from all-time highs.

Bitcoin Lightning Network on top of fundamental growth

It is also reported that the capacity of the Lightning Network is approaching up to 3,000 BTC. Since the beginning of 2021, this capacity has almost tripled. Lightning creates a so-called layer two protocol that takes BTC transactions off-chain instantly and at a near-zero cost. Cryptocoin. com

As we reported , last week Twitter became the first major partner of payment gateway Strike to implement the Lightning Network tip.

Fear and greed index points to market tension

The sentiment indicator of the Crypto Fear & Greed Index shows how nervous investors are. The index, which measures market sentiment, fell to its lowest levels since mid-July. As of Monday, the index is at 27 points out of 100 – that is, in the fear zone.


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Michael Lewis

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