Bitcoin Grapples With $9K Support in Uncertain Monday Trading

Welcome to the Cointelegraph Markets weekly newsletter that takes a look at the influential factors behind Bitcoin price action for the days ahead...

View this email in your browser Markets Outlook Bitcoin Grapples With $9K Support in Uncertain Monday Trading Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead. No two weeks are ever quite alike in Bitcoin, and traders need to make sense of multiple factors inside and outside the ecosystem to determine likely price action. Like last week, worries of the coronavirus remain a key feature of stock market movements that are influential for BTC/USD. Bitcoin itself, meanwhile, is grappling with reduced support for $9,000, but all might not be so bad — one trader has even said that BTC/USD could crash to $6,000 and still be bullish. Continue reading to discover five things shaping Bitcoin in the coming week. Stocks slowly edge upward Despite heavy losses on Friday, stock market futures are now recovering. This is useful for Bitcoin, which has demonstrated considerable correlation with the S&P 500 in particular. Broadly, when the markets open, healthier stocks will likely help sustain shaky support Bitcoin has at $9,000. Difficulty flips negative Like price, Bitcoin network fundamentals are decidedly uncertain. The hash rate remains healthy, but the difficulty will likely adjust downward on Tuesday. This is a very different mood to that of two weeks ago, which saw the biggest positive difficulty adjustment in more than two years. Markets shrug off $1 billion options expiry Concerns were mounting last week that $1 billion of Bitcoin options expiring was pressuring the market. In the event, Friday's expiry failed to change the status quo, while the weekend produced a modest Bitcoin futures gap focused on $9,220. Traders remain "fearful" The classic Crypto Fear & Greed Index suggests that traders are in no mood for sudden moves. At 41, the Index reflects the lack of trading desire among exchange users, with balances circling 13-month lows this week. Miners cautious More attention will be paid to Bitcoin miners, who last week rekindled their habit of selling large amounts of BTC. Two large Chinese pools and a host of smaller pools increased their outflows — a sign of challenging economic circumstances. 1.5 million people follow us on social media Download our official app:

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