Bitcoin Calmly Starts a New Week ー What Could Change Everything?

Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead...

View this email in your browser Markets Outlook Bitcoin Calmly Starts a New Week ー What Could Change Everything? Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead. In Bitcoin, no two weeks are the same — and this one is no exception. Last week, the focus was on the volatility of stocks and shifts in network fundamentals. Now, an air of calm has descended across markets. Concerns over the coronavirus remain, but stock performance has stabilized, and with it, Bitcoin volatility. By the end of the week, the picture could already look very different — derivatives markets are set for an end-of-month shake-up, and the situation on macro markets can easily turn on its head. Continue reading to discover the factors at play for Bitcoin this week. Stocks stabilize over COVID-19 Last weekend was characterized by bearish performances across stock market futures, something which weighed on Bitcoin. A week later, smoother conditions translated into BTC/USD sticking within a corridor between $9,200 and $9,500. A breakout failed to materialize throughout last week — part of a longer-term reluctance to establish support nearer or above $10,000. Network fundamentals simmer After seeing its biggest uptick since early 2018, Bitcoin's network difficulty has returned to standard-looking behavior. The next adjustment, due in nine days' time, is estimated to be 5.6% — far from the 15% seen last week. Along with difficulty, the hash rate has begun to show signs of ranging, with seven-day average values flattening out in recent days. Derivatives prepare for settlement The end of June will see Bitcoin options alone worth almost $1 billion expire, an event which will contrast the smooth conditions seen this weekend. The lack of price volatility meant that futures markets did not establish a "gap" this week, while indicators such as volume also failed to surprise. Anticipation among institutional traders is clearly focused on the likelihood of $10,000 reappearing, Cointelegraph previously reported. Consumer attention mimics price stagnation Uneventful price action on Bitcoin tends to reflect an overall lack of interest from mainstream consumers. Google Trends data continues to show that interest in "Bitcoin" is now at its lowest since March, a month during which "Black Thursday" saw BTC's price suddenly crash below $4,000. Meanwhile, traders themselves have reverted to taking funds off exchanges, signaling a lack of desire to sell in a calmer market. 1.5 million people follow us on social media Download our official app:

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