Sink or swim at $27K? 5 things to know in Bitcoin this week
Bitcoin (BTC) is fighting for the bull trend as the new week begins as the market acts within a crucial zone.
After closing the weekly candle at just below $27,000, BTC/USD is attempting to cement support as a stubborn trading zone holds.
The stakes are already high — last week saw a flash dip below $26,000 and two-month lows for Bitcoin, making traders fearful of a larger bearish breakdown to come.
While this has not materialized, nerves remain on both shorter and longer timeframes.
Where is price action likely headed next? A relatively cool week of macro triggers means less chance of volatility from external sources.
Add to that the upcoming difficulty adjustment taking it to yet another all-time high, and the case could well be made for upside continuation.
Cointelegraph takes a look at some of the major BTC price factors affecting the week ahead.
After clinching a weekly close at around $27,930, Bitcoin is already headed higher, reaching $27,550 overnight, data from Cointelegraph Markets Pro and TradingView shows.
While encouraging, the close nonetheless marked Bitcoin’s weakest since mid-March - something popular trader and analyst Rekt Capital is keenly aware of.
In part of Twitter analysis on the day, he warned that $27,600 was now the level to flip to support.
“First, BTC failed to reclaim the $28800 level on the Weekly (orange). And then $BTC Weekly Closed below $27600, failing to hold it as support (black),” he summarized alongside a chart showing recent weekly-timeframe events.
That perspective reinforces existing warnings from the weekend, and adds to a small group of well-known pundits still entertaining the possibility of a significant BTC price retracement.
Continuing, however, Rekt Capital now sounded more upbeat
Read more on cointelegraph.com
