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⚡$739 Billion Stock Market Surge😲

Croxroad

16 Nov 2023 — 4 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

😱 Bitcoin's Tug of War

At the moment, the price of Bitcoin is showing signs of an upward shift for the first time in a month on the daily chart. The credit for this positive movement is being attributed to the US Bureau of Labor Statistics (BLS), which recently released the Consumer Price Index (CPI) data for October. Interestingly, the market did not respond as expected.

In a span of just a few hours, the US stock markets experienced a significant influx of over $700 billion. The inflation data for October revealed a 3.2% increase year-on-year, slightly below the market's forecast of 3.3% and a decrease from the 3.7% reported in the previous month.

During this time, major stocks, including Microsoft, Apple, Tesla, Meta, Amazon, and more, witnessed growth, resulting in inflows exceeding $739 billion. It's worth noting that there's currently a positive correlation between the stock markets and Bitcoin. The S&P 500 Index and Nasdaq 100 indices have correlations of 0.25 and 0.33, respectively. This suggests that while there's a connection, the broader market's impact on the BTC space might not be as strong as anticipated. Despite most of the inflows being unrelated to the BTC space, some investors still chose to sell intermittently.

However, even with this positive market activity, the price of Bitcoin is only marginally recovering at the moment, indicating a potential shift in the trend.

There are concerns about a possible correction in the Bitcoin price. Currently trading at $35,536, it officially confirms a shift from an upward to a downward trend. The Moving Average Convergence Divergence (MACD) indicator shows a bearish crossover, with bars on the histogram extending below the zero line and the MACD line moving below the signal line. This growing bearish sentiment nearly pushed the altcoin below $35,500 before it bounced back above a crucial support level.

Despite this recovery, there are doubts about its sustainability in the upcoming trading sessions. The next major support level is identified at $33,901, and a breach of this level could lead to a further drop to $31,507. However, if positive cues from the broader market instil optimism in the BTC space, Bitcoin might rebound from the $33,901 support level, avoiding a crash. Reclaiming $35,000 as support would challenge the bearish outlook, potentially propelling the Digital currency above $35,500 and towards $40,000.

🪙 Vintage Bitcoin Bonanza

Bitcoin mining has always been a goldmine, but back in the early days of Bitcoin, it was like hitting the jackpot. Just look at this early Bitcoin miner – they recently sold 100 BTC that were around 13 years old for a combined value of just $1. Crazy, right? They made this move on November 7th when a single Bitcoin was worth around $35,000. So, if they sold all 100 tokens, that's more than $3.5 million in profits. And who knows, they might still have more BTC tucked away to sell when the prices soar even higher.

Now, let's dive into the evolution of bitcoin mining. Back in the day, Bitcoin mining was a breeze and could be done on a regular computer. The inventor of Bitcoin, Satoshi Nakamoto, is said to have mined over 1.12 million tokens. But as more people caught on to the potential profits, the game changed. CPUs were replaced by GPUs, and then came ASICs – specialised hardware for mining. Now, big corporations with thousands of miners dominate the scene. Only a couple of mining pools control about half of the global Bitcoin hash rate.

Enter Bitcoin Minetrix, a platform trying to level the playing field. With the industry being taken over by big players, everyday investors were left out. But Minetrix is changing that by offering a cloud mining platform. You stake their native token, BTCMTX, and earn mining credits. These credits can be turned into cloud mining time or a percentage of the yields, giving regular folks a shot at passive BTC rewards. All you need is an Ethereum-compatible wallet, and Minetrix's dashboard does the rest.

What's cool is that Minetrix is avoiding the pitfalls of other cloud mining platforms. Instead of long-term contracts, you can unstake and sell your tokens whenever you want. And it seems like people are loving the idea because their presale has already raised over $4 million in just over a month. Looks like Bitcoin mining is getting a makeover, making it more accessible for the rest of us!

🧑‍ Average True Range (ATR)

The Average True Range (ATR) is a technical indicator designed to measure the volatility of a financial instrument, such as Bitcoin. Calculated as the average of the true range values over a specified period, the ATR reflects the typical price range observed during that time frame. True range is determined by evaluating the maximum value among the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close. A higher ATR indicates greater price volatility, while a lower ATR suggests less volatility. Traders commonly use ATR for risk management, setting stop-loss and take-profit levels, adjusting position sizes based on market conditions, and filtering out noise in price movements. Essentially, ATR offers valuable insights into market dynamics, helping traders adapt their strategies to prevailing volatility.