It is only a matter of time before testing the All-time high, and the easing of US-China trade tensions also fails to break the upper limit | Contribution from bitbank analyst

## This week's weekly report

Analyst Hasegawa from the major domestic exchange bitbank illustrates this week's cryptocurrency (virtual currency) Bitcoin chart and interprets the future outlook.

Table of Contents

1. Bitcoin On-Chain Data
2. bitbank Contribution

Bitcoin On-Chain Data

Number of BTC Transactions

Monthly BTC Transactions

Active Address Count

Active Address Count (Monthly)

BTC mining pool withdrawal address

Exchange and Other Services

bitbank Analyst Analysis (Contribution: Tomoya Hasegawa)

Weekly Report for This Week:

This week's Bitcoin (BTC) to yen exchange rate has shown a lack of direction, hovering around 15.2 million yen as of noon on the 16th.

On the 12th, at the beginning of the week, it was announced that the United States and China agreed to reduce mutual tariffs by 115 percentage points, which led BTC to test 15.5 million yen. However, this reversed the risk-averse movement, causing the US dollar and interest rates to rise, putting pressure on BTC's upward potential.

On the 13th, the market, buoyed by the lower-than-expected US Consumer Price Index (CPI) for April and BTC purchases by Tether, attempted to test 15.5 million yen again. However, it failed to break out due to the Arizona governor exercising veto power over two bills related to cryptocurrency reserves.

After that, with the U.S. indicators and the Federal Reserve Chairman's remarks on the 15th approaching, the price continued to fluctuate in the early 15 million yen range. However, during the Asian hours on the 15th, it temporarily fell below 15 million yen due to the decline of some major altcoins and the drop in gold prices.

On the other hand, the announcement of the U.S. Producer Price Index (PPI) and retail sales, which were all weaker than expected, led to a temporary decline. However, following comments from Chairman Powell of the Federal Reserve, there was some selling, but the drop in U.S. interest rates provided support, bringing the level back up to 15.2 million yen.

【Figure 1: BTC to JPY Chart (1 Hour)】 Source: created from bitbank.cc

BTC completed a flag pattern last week, and as pointed out, this week has seen a pause in the upward trend.

However, the market has been moving steadily without undergoing price adjustments, forming a consolidation phase in the lower 15 million yen range, leading to a time-based adjustment. On the other hand, despite the easing of trade war concerns and a downward shift in U.S. inflation indicators, attempts to chase higher prices have failed, and there has been a hesitant mood due to short-term overheating.

On the 15th, Federal Reserve Chairman Powell made a hawkish statement saying he would "reconsider the approach to monetary policy" due to the possibility of supply shocks occurring more frequently and being more persistent; however, this week's economic indicators suggested a slowdown in both the economy and inflation.

The U.S. stock market has risen this week, following BTC, due to the pause in the U.S.-China trade war and a downward trend in inflation, suggesting that the environment surrounding BTC continues to improve.

On the other hand, on the Bitcoin blockchain, there has been an increase in stop-loss transfers by short-term traders on the 15th, suggesting that the market may have absorbed some of the selling pressure (Figure 2).

The same indicator had also increased just before the market rise on the 8th, suggesting that the market has completed preparations for pursuing higher prices, and it is pointed out that testing the all-time high is just a matter of time.

[Figure 2: BTC to USD and the transfer of funds to exchanges from short-term positions with unrealized losses] Source: Created by Glassnode

Contributor: Yuya Hasegawa After completing graduate school in the UK, I worked as an analyst in the FinTech industry and cryptocurrency market at a venture company composed of former financial institution employees. Since 2019, I have been a market analyst at Bitbank Inc. I have provided comments to major domestic financial media and have numerous contributions to overseas media. List of Past Reports