Bitcoin (BTC) starts a new week at $ 10,000 and upsets investors with higher returns – will this continue or is the correction already guaranteed?
Cointelegraph looks into next week and what to expect in Bitcoin price – five factors that could push BTC / USD towards the moon or go back to four days.
Gold vs. Bitcoin: Strong profits are inevitable
While stock futures were longer than Monday, the focus was on geopolitical tensions. The United States and China continued to provoke hostile sentiments, while suffering from coronavirus remained in the headlines.
Both cases have had a major impact on demand for safe havens, especially gold. As reported by Cointelegraph, last week saw a massive boost in both gold and silver, while the weekend saw a record increase in bullion value throughout the day.
Consistent with previous standards of affection, there is a lot of faith in bitcoin after precious metals.
In an interview with Bloomberg, the analyst predicted that the gold rush is not over.
“Strong growth is inevitable as we enter a period similar to the one in the GFC environment, when gold prices rose to record levels as a result of the Federal Reserve pumping large amounts of money into the financial system,” said chief resource analyst Gavin Wendt. In Australia MineLife Pty said.
Meanwhile, Citigroup found that by the end of 2020, XAU / USD prospects peaked at $ 2,000 at 30%.
The US dollar has reached a record low. Now you need more than $ 1920 to buy an ounce of gold, “summed up the golden beetle Peter Schiff.
But this record will not last long, as the dollar has just started falling. He will dive into new depths and take with him the American standard of living. ”
The exchanges revolve
Considering the trip to the ports, Bitcoin's hike to $ 10,300 isn't surprising. For a long time it was expected that the short-term pressure to break-up would be resolved up or down – analysts only divided the direction in which the market is moving.
For some, the speed of the weekend breakout was alarming. In particular, a trader's behavior indicates that feeling is increasingly turning into short-term profit taking.
“The price of BTC was growing very fast. Other whales seem to think so too,” summed up Yang Yang Ju, founder of online analytics resource CryptoQuant.
Key uploaded a chart showing exchange rates during the past three days, which showed a marked increase in the number of currencies moving in their exchange wallets.
At the start of the wave, the lack of sales of permanent air conditioners gave the impression that $ 10,000 would not disappear for sale this time, as in the previous two races.
CryptoQuant data now indicates that the temptation is too high for many.
$ 300 gap opening
There is notable strength going back to Bitcoin this week in the derivatives market – a crack in the Bitcoin futures market for the CME Group.
To study variance with pressure, the difference between Friday's trading session and the start of Monday is several hundred dollars – with lanes of approximately $ 9,650 and $ 9,900.
As Cointelegraph often indicates, BTC / USD usually has “bridging” gaps that remain in the future, often within days or hours of their appearance.
Consequently, attention is focused on the potential decrease to $ 9,600 from $ 10,250 to print-time levels to fill the gap. Requests at the bottom of the arcade about the so-called POC on Monday were raised to $ 9,575, prompting Cointelegraph Markets analyst Michael Van de Pop to draw different conclusions about Bitcoin and the rest of the market.