Bitcoin (BTC) begins the first week of 2023 in an uninspiring place as volatility stays away — along with traders.
That does not mean that there is nothing to look out for, however, as Purchasing Managers’ Index (PMI) and non-farm payroll data are all expected in the coming week.
The trend in the short to mid-term remains one of declining inflation, according to CME Group’s FedWatch Tool, this in turn allowing risk assets room for maneuvering.
Fed will cut and the government will stimulate.
“This is by far the most brutal Bitcoin miner capitulation since 2016 and possibly ever,” Charles Edwards, founder of Capriole Investments, commented at the time: “Hash Ribbons capitulation has captured the lowest Bitcoin hash rate reading of 2022 as miners bankrupt and defaults under the great pressure of squeezed margins globally.”
BTC supply last active 5-7 years ago chart.
Source: Cointelegraph