5 factors Bitcoin investors should watch this week

Bitcoin (BTC) started the new week at over $ 60k. So what’s next?

Cointelegraph took a look at five factors that could affect Bitcoin price action in the coming days.

Coronavirus confusion in stock markets

With the quarantine lifted in the UK, sentiment among business leaders has turned positive again.

The situation in the fight against the virus is not as pleasant as the other major players in Europe, France and Germany and the USA.

For this reason, stock markets started the week generally sluggish. In India, where the quarantine appears on the horizon, the stock markets opened the week with a decline.

Bitcoin Price Index: How much is 1 Bitcoin in TL? (BTC TL)

Bitcoin is preparing for a record

Bitcoin, on the other hand, started the week at a critical threshold.

The BTC / USD parity, which exceeded 60 thousand dollars on Saturday, opened over 60 thousand dollars on Monday.

Bitcoin closed last week at around $ 60,000, making it the biggest weekly closing in history.

1-week candlestick chart (Bitstamp) of the BTC / USD pair. Source: Tradingview

Bitcoin is just $ 1,000 away from its all-time high by the time of translation release and is targeting $ 61,000. The record expectation of analysts is gradually increasing.

Binance’s order book shows that sellers are ready at $ 60,500, $ 61,500, and $ 62,000. There is a strong buyer support at 59 thousand, 58 thousand and 57 thousand dollars.

Bitcoin’s being trapped between large buy and sell levels is a classic sign of the final stages of price consolidation. Bitcoin has been consolidating for the past 50 days since it hit $ 58,300 in the last week of February.

Listing Coinbase could trigger volatility

Although the BTC price has been consolidating for the past weeks, the network fundamentals have remained unchanged. The fundamentals of the Bitcoin network show that BTC is still not approaching the peak of the current bull cycle.

Last weekend comprehensively review indicator data investor Byzantine General said there was no reason to expect a drop of $ 60,000.

“In summary, the derivatives market has become a little too crowded, institutional investments are ongoing, there is no peak yet, mainstream expansion is also going well, and Coinbase’s initial public offering may also trigger volatility,” the investor explained.

The performance of the BTC / USD pair compared to previous cycles. Source: Ecoinometrics / Twitter

Along with Bitcoin, Ether also went up

Bitcoin is not the only cryptocurrency that started on Monday with a surge. Altcoins were also on the rise, reflecting the general increase in interest in crypto money.

Altcoin Ether (ETH) is leading the rise in the altcoin market. Ether broke a new record on Monday, reaching $ 2,190.

1-day candlestick chart (Bitstamp) of the ETH / USD pair. Source: Tradingview

Ether, which gained 7 percent value last week, surpassed Bitcoin with this performance.

Binance Coin (BNB), one of the best performances of the last week, gained 70 percent in value and approached $ 600.

Exits from Coinbase continue

$ 750 million was withdrawn from Coinbase on Sunday, according to data from on-chain monitoring source Glassnode.

Although this is not a sure indicator that a large purchase has been made, it is important in terms of size.

Institutional investors continue to both buy and adopt Bitcoin as an investment.

Coinbase outflows chart. Source: Glassnode

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