Bitcoin (BTC) starts the week cautiously when general markets fluctuate and the Turkish currency loses 15% of its value overnight.
After a disappointing weekend of $ 60,000 rejection, Bitcoin has yet to impress traders who want to move sideways in the next few days.
Cointelegraph examines five factors that may influence the development of Bitcoin’s price movement as the new week begins.
All the calm between the arrows
The picture via equities was hesitant on Monday as concerns about bond yields and coronavirus bites continued.
This has become known to many, and has opened up the Asian markets in a modest step. Growth in economic activity is likely to trigger bond concerns, as the 10-year US government bond yield is already 1.7% after rising sharply in recent weeks.
In other words, China has shown that it has more money to spend on easing its economic situation, which the government says will reduce the risk instead of adding them.
“This will not only create positive incentives for economic actors, but also help create a less likely environment for economic risk to emerge,” Yi Gang, governor of China’s central bank, the People’s Bank of China (PBOC), said at the weekend.
Meanwhile, many jurisdictions have looked back or continued shutdowns due to coronavirus amid dissatisfaction with the lack of progress in lifting restrictions on personal freedom, despite the launch of vaccines and the beginning of spring.
In addition, unrest in Turkey caused the national currency, the lira, to fall 15% after trade opened. The besieged economy has not benefited from declining sentiment after President Recep Tayyip Erdogan fired another central bank governor.
“Turkey is choosing the worst time to say the head of the central bank,” replied market observer Holger Sishapitz.
Erdogan removed the tough ruler Agbala and replaced him with a professor who claims high interest rates cause inflation. The growing deficit in Central Asia, the depletion of foreign exchange reserves and inflation of 16% make a currency crisis even more likely.
The BTC price failed
Bitcoin traders were disappointed for two days when last weekend’s rally failed to replicate the results.
Although analysts pointed to a BTC / USD eruption once on Saturday and Sunday, it was no luck when the pair encountered a strong deviation of around $ 60,000.
The result, which surprised some, fell below $ 56,000, followed by a modest recovery to $ 57,700 on Bitstamp at the time of writing.
In his recent market commentary, Cointelegraph shareholder Michael Van de Pope ignored the development as Bitcoin continued to move in a familiar corridor.
He told his Twitter followers: “Bitcoin is doing well so far, and it’s great.”
The $ 55,000 site is an interesting attraction after the $ 60,000 barrier was rejected. Expect little lateral range.