Bitcoin hits new year-to-date high, technically suggests bull market | bitbank analyst contribution


Virtual currency market this week from 6/17 (Sat) to 6/23 (Fri)

Mr. Hasegawa, an analyst at the major domestic exchange bitbank, illustrates this week’s bitcoin chart and analyzes the future outlook.

table of contents
  1. Bitcoin on-chain data
  2. Contributed by bitbank

Bitcoin on-chain data

Number of BTC transactions

Number of BTC transactions (monthly)

Number of active addresses

Number of active addresses (monthly)

BTC mining pool remittance destination

Exchange/Other Services

bitbank analyst analysis (contribution: Yuya Hasegawa)

Weekly report from 6/17 (Sat) to 6/23 (Fri):

The Bitcoin (BTC) exchange rate against the yen rose this week, renewing the year-to-date high (4.11 million yen) set on April 14.

BTC recovered from around 3.5 million yen to around 3.7 million yen after BlackRock applied for an exchange-traded fund (ETF) for physical BTC last Friday, and Fidelity is preparing to apply for a similar ETF early next week. Rumors spread, and it was put on the 3.8 million yen level at the beginning of the week.

BTC continued its gains on Tuesday after the launch of EDX Markets, a cryptocurrency exchange backed by the likes of Fidelity and Charles Schwab, was well received. This has successfully broken out of a descending channel that has lasted for about two months in dollar terms.

Furthermore, Powell’s congressional testimony, which began in the middle of the week, suggested the possibility of further interest rate hikes within the year. There are remarks that recognize it as a kind of asset, and remarks that recognize its sustainability as an asset, and BTC recovers to 4.2 million yen by following the top price. has reached the 4.3 million yen level.

At the moment, the technical overheating and the altcoin market’s reversal have weighed on the price, making it difficult to move up.

Figure 1: BTC vs Yen chart (1 hour) Source: Created from

Following last week’s BlackRock, Bitwise, WisdomTree, Invesco, and Valkyrie also applied for spot-based BTC exchange-traded funds this week, boosting momentum for TradFi’s entry and ETF approval, leading to a rise in the market. In addition, the downtrend channel break of the market is accompanied by an increase in trading volume, which can be said to be a breakout with high technical accuracy.

On the other hand, Chairman Jerome Powell’s testimony to Congress this week explained that the two rate hikes remaining in the year, which were announced at the US Federal Open Market Committee (FOMC) earlier this year, are at an appropriate pace, and are sensitive to policy interest rate trends. US 2-year Treasury yields were volatile.

However, as a condition for raising the interest rate twice, “if the economy moves at the pace expected”, it was shown that future policy decisions are likely to be influenced by economic indicators.

Under these circumstances, the number of new applications for unemployment insurance in the United States this week remained at the highest level in about a year and a half for the third consecutive week, and the Kansas Federal Reserve Bank manufacturing index in May fell sharply. On the other hand, indicators have been mixed, with housing starts recording higher-than-expected growth in May, and BTC is technically suggesting a bull market, but from a macro perspective, it is likely to continue. I’m a little unsure if money flows can be expected.

Next week, there are many important indicators such as orders for US durable goods, gross domestic product (GDP) growth rate, and personal consumption expenditure (PCE), so it will be interesting to see if the market’s expectations for the July interest rate hike recede.

Contributor: Yuya HasegawaYuya Hasegawa

After graduating from a graduate school in the UK, he worked as an analyst in the FinTech industry and the virtual currency market at a venture company consisting of people from financial institutions. Market analyst at Bitbank Co., Ltd. since 2019. He has a track record of providing comments to major domestic financial media and contributing to overseas media.

connection:bitbank_markets official website

Last report:Is the basis for the FOMC suspension of rate hikes weak? BTC is expected to continue uneasy developments

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