CT Markets Newsletter — How Will Bitcoin Perform This Week?

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 CT Markets Newsletter — How Will Bitcoin Perform This Week? Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead. Bitcoin is at an interesting point in its history. One month after the third block reward halving, volatility remains, and macro forces continue to contribute to market sentiment. While long-term performance is expected to remain on track, recent days have been characterized by selling pressure, keeping BTC's price below $10,000. Continue reading to discover what may lie ahead for the coming week, and don't forget to subscribe to our newsletter to receive market updates directly in your inbox every Monday. Stock market woes A wave of selling pressure hitting traditional stocks amid COVID-19 concerns appears to be contributing to the bearish mood on Bitcoin. With futures losing value, BTC's price briefly fell below $9,000 on Monday. However, last week, Cointelegraph identified why Bitcoin had been held back from $10,000 and why that trend may continue for longer than many expect. This week will be a useful test of the theory that Bitcoin's price action is "decoupling" from macro asset performance. Exchange inflows spike The latest on-chain data shows that traders have been moving their coins back to exchanges. Since hitting 18-month lows, exchange reserves have been steadily climbing again — a sign that selling is returning to investor strategies. Monday's price decline came directly after the trend of climbing reserves began — something that is apparent across all major trading platforms tracked by on-chain monitoring resource CryptoQuant. The difficulty is set for major gains Bitcoin's network difficulty — a key measure of miner sentiment — is en route for a significant uptick later this week. Although it varies constantly, the increase is currently set for around 15% — almost equal to the declines of the previous two (negative) difficulty adjustments. A CME futures gap opens A small gap in CME Group's Bitcoin futures may provide a modest price target for the coming days. As Cointelegraph has often noted, such gaps tend to get filled by BTC/USD once they appear — this weekend's opportunity lies between $9,370 and $9,465. Meanwhile, futures look bearish, with a large number of short positions appearing as the week began. Stock-to-flow reassures Despite the short-term uncertainty, Bitcoin has been performing exactly as predicted by one of the industry's most accurate price forecasting tools. After last month's halving, stock-to-flow performance has been mimicking previous cycles, lending weight to the theory that price increases are on the cards for Bitcoin in the midterm. 1.5 million people follow us on social media Download our official app:

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