BTC 'likely' to repeat Q4 2020 move — 5 things to watch in Bitcoin this week
Bitcoin (BTC) starts a new week facing multiple hurdles but with strong internal support — can old resistance below $50,000 finally fall?
A correction event now almost in its third month is frustrating many, but conditions may soon be right for a fresh charge against opportunistic bears, an increasing number of analysts are saying.
With inflation running hot and United States lawmakers set to make the Bitcoin mining debate public this week, there are plenty of potential pitfalls in store.
Nonetheless, it's beginning to feel like Bitcoin is at the point where it is capable of producing a classic surprise when the majority of the mainstream economy least expects it.
Cointelegraph takes a look at five factors worth paying attention to when charting BTC price action over the coming week.
Bitcoin looks decidedly uninterested in tackling even local resistance levels as the week begins.
After a rangebound weekend with little unique price action, BTC/USD is putting in lower lows on short timeframes while avoiding key zones around $44,000.
With Wall Street closed for a holiday, Monday could shape up to offer more of the same before markets provide direction.
Bitcoin did, however, manage to close out the week at exactly the crucial point identified by trader and analyst Rekt Capital as useful for aiding bullish momentum.
“A Weekly Close above ~$43100 (black) would be a good sign of confirmation for BTC to continue higher from here,” he wrote Sunday alongside an accompanying price chart.
A subsequent dip took the largest cryptocurrency lower, with $42,337 on Bitstamp the local floor for Monday at the time of writing.
Also cautiously optimistic is fellow popular trader Crypto Ed, who is eyeing a potential replay of last week's run above
Read more on cointelegraph.com
