Bitcoin (BTC), which started the new week at over $ 59,000, had a hard time holding on to this level and fell to the $ 58,000 band. So what’s next?
Cointelegraph looked at five factors that could affect Bitcoin price action in the coming days
The effects of the attack on the oil pipeline continue
Stock markets started the week positively in Asia with investors anticipating the uptrend to continue.
The S&P 500 Index’s record breaking last week also supports this positive atmosphere.
The performance of commodities was determined by the ransomware attack in the USA. The cyber attack caused oil prices to reach their highest level in three years.
According to Bloomberg’s report, a government official explained, “This failure in the distribution of refined gasoline and jet fuel revealed how weak our national critical infrastructure is in the cyber world and the need for effective cyber security defense systems.”
Bitcoin Price Index: 1 Bitcoin How Many TL? (BTC TL)
The dollar also suffered from the cyberattack and the US Dollar Index (DXY) depreciated, and Bitcoin rose above $ 58,000.
Although DXY and Bitcoin are known to show an inverse correlation, the relationship between the two became increasingly unpredictable in 2021.
New record in hash rate
The strength and price performance of the network started to improve after the hash rate dropped sharply due to a power outage in China last month.
Commentators feel that Bitcoin has already left the negative effects of the drop in question.
The average seven-day hash rate, measured at 131 EH / s on April 25, broke the record, reaching 177 EH / s as of Monday, according to data from on-chain monitoring source Blockchain.
Difficulty, which automatically decreased with the decrease in the number of miners, is expected to increase by 13.5 percent in the next two days. This increase will be the largest since June last year.
If the statement that the price follows the hash rate is valid this time, Bitcoin may show a significant increase in value in the coming weeks.
BTC price on the brink of $ 60k
Bitcoin, which has been setting higher and higher peak and bottom prices in recent days, may be on the verge of a much larger price movement.
Popular investor Crypto Ed suggested Monday that BTC, which was around $ 59,000 at the time, could show a price action that would break the $ 60,000 resistance after falling by another $ 800.
Crypto Ed said, “I think we can see 62 thousand dollars with the tab experienced after a small correction, and then 68 thousand dollars. Can survive $ 58,100-58,200 ” commented.
BTC, which declined after the announcement, is trading at around $ 58,100 as of the time of translation release.
Binance’s order book shows that the sales walls are growing towards $ 60,000. There is buyer support for 50 thousand dollars.
Ethereum passed $ 4K
Bitcoin can wait a while longer to break the record and leave altcoins to the scene for now.
Altcoins, led by Ethereum (ETH), started the new week with a serious increase in value.
The ETH / USD parity, which broke a record by exceeding $ 4,000, shows no signs of slowing down. According to CoinMarketCap data, the market share of the altcoin also increased to 19.1 percent.
While the total market value of cryptocurrencies exceeds $ 2.5 trillion, Bitcoin’s market dominance is declining to 40 percent.
Crypto market value hits $2.5tn as #Ether hits record high >$4k. #Bitcoin’s price is currently ~$59k w/its dominance reaching 44%, lowest since 2018, while Ethereum’s dominance is at a record 18%. pic.twitter.com/vhI2I8QPPw
– Holger Zschaepitz (@Schuldensuehner) May 10, 2021
ETH / USD and Cardano (ADA) gained around 30 percent throughout the week, while the value increase of Litecoin (LTC) and Bitcoin Cash (BCH) approached 50 percent.
BTCs transferring to strong hands
Popular statistics expert Willy Woo pointed out that while the altcoin craze continues, wealth is gradually changing hands in the Bitcoin market.
Analyzing the data of the past week, Woo said that investors who could not hold on to their investments strong enough were selling, while experienced investors increased their savings by buying BTC at a higher price than ever before. Put forward.