Bitcoin (BTC) begins a new week testing increasingly Bitcoin Circuit weak support of USD 9,000, but what factors could increase or weaken price performance?
Cointelegraph Markets takes a look at the main things traders should focus on regarding Bitcoin over the next five days.
BTC’s realized volatility has just returned to its November 2018 levels
China leads stock recovery
Stock market futures showed a mixed mood, but generally stronger until Monday. The data, particularly the better-than-expected US employment figures, helped to lift spirits.
Stocks continue to rise, and Chinese stocks are booming, despite the rapid increase in the spread of the coronavirus. China’s FTSE A50 index reached record highs on the day.
Weighing that issue against economic data is a key balancing act for the market, and its volatility will be reflected in Bitcoin’s own movements.
„As a representative of risk sentiment in China, this could bode well for cryptomonies,“ predicts cryptolancer Amber Group.
At the close of this edition, the BTC/USD pair had just hit 9,200 USD, a level not seen since July 2nd; late Sunday, it fell below 9,000 USD.
Bitcoin is the ’new‘ Apple: How the BTC price could reach $60,000 in 2023
As Cointelegraph reported, Bitcoin’s correlation with macro can still produce more pain than gain for investors. The curious „recovery“ in stocks occurs amidst massive market interventions by central banks.
Last week, charts showing the performance of the Bitcoin and Gold denominated market highlighted how unstable current conditions are.