US crypto executive order looms — 5 things to watch in Bitcoin this week
Bitcoin (BTC) starts a new week with a bang — but not in the right direction for bulls.
A promising weekend nonetheless saw BTC/USD attract warnings over spurious "out of hours" price moves, and these ultimately proved timely as the weekly close sent the pair down over $1,000.
At $37,900, even that close was not enough to satisfy analysts' demands, and the all-too-familiar rangebound behavior Bitcoin has exhibited throughout January thus continues.
The question for many, then, is what will change the status quo.
Amid a lack of any genuine spot market recovery despite solid on-chain data, it may be an external trigger that ends up responsible for a shake-up. The United States' executive order on cryptocurrency regulation is due at some point in February, for example, while exact timing is unknown.
The Federal Reserve is a further area of interest for analysts, as any cues on inflation, interest rate hikes or asset purchase tapering could significantly impact traditional markets, to which Bitcoin and altcoins remain closely correlated.
With frustrating times characterizing the first month of 2022, Cointelegraph takes a look at the state of the market this week.
We've identified five things worth considering when working out Bitcoin's next moves.
Even the meagre gains into the weekly close were a short-lived reason to celebrate for Bitcoin bulls this Sunday.
Midnight UTC saw an immediate rejection candle sweep in, with BTC/USD diving to $36,650 on Bitstamp.
As noted by trader, analyst and podcast host Scott Melker, strong volume accompanied the move, underscoring the unreliable nature of weekend price action when it comes to building a position.
As several other sources said last week, Melker reiterated that $39,600 needs to be
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