'Up only' for BTC fundamentals — 5 things to watch in Bitcoin this week
Bitcoin (BTC) starts the week with a slow drag downhill towards pivotal support at $40,000.
After bulls had something to celebrate last week, the current environment looks like a fresh dose of reality as BTC battles nervous stock markets, a resurgent U.S. dollar and more.
The picture is, as always, mixed — while spot price may not look too impressive, under the hood, Bitcoin is stronger than ever, and network participants are doubling down on their long-term commitments.
Add to that the slow decline of risky behavior on derivatives markets and the stage could be set for some sustainable price growth. Will it happen this week?
Cointelegraph presents five factors to consider in the coming days for BTC/USD.
After ten days of recovery, Bitcoin is now reckoning with the resistance levels absent from bulls' radar since the middle of January.
Having passed $45,500 late last week, the weekend saw relatively calm conditions as the daily chart nonetheless saw a series of lower lows.
The weekly close, the topic of interest Sunday as price action stayed practically in an identical place to the end of last week, ultimately disappointed — BTC/USD set a lower close of just under $42,000.
With that, however, comes the possibility of short-term upside to fill the CME futures "gap" now above spot price at near $42,400.
"Bitcoin is still just sitting in between support and resistance," popular commentator Matthew Hyland summarized Monday, adding that he was "relaxing" in the face of current price moves.
With support and resistance levels close by, trader and analyst Rekt Capital meanwhile reiterated BTC's relative weakness when it comes to reclaiming support levels on a macro scale.
Previously, he had identified two moving averages which needed to be
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