Bitcoin Starts the Week Above $10,000 — What’s in Store for BTC Next?

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 Starts the Week Above $10,000 — What's in Store for BTC Next? "Every day that goes by that Bitcoin survives, the trust in it will go up."  — Paul Tudor Jones Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead. In the infinitely varied world of Bitcoin, anything can and does happen — and this week is no exception. Fresh from beating $9,500 resistance on Friday, BTC/USD reclaimed $10,000 over the weekend in an abrupt surge that has yet to end. Can it continue? Bitcoin follows record gold price Appetite for safe havens is conspicuous this week as a basket of macro concerns fuels fresh demand for gold, silver and more. XAU/USD has hit its highest intraday level on record, and silver added 7% to put in its best performance since 2013. Moreover, talk is turning to Bitcoin putting in a copycat move and whether the gains can last as 24-hour growth hits 6%. Analysts, meanwhile, are placing the odds of gold continuing its flight to hit $2,000 at 30% by the end of the year. Exchange inflows worry observers During the weekend, long-term investors appeared to be holding off on cashing out — $10,200 came without a major sell-off. On Monday, however, fresh data showed a mass influx of BTC onto exchanges, signaling a desire on the part of traders to take advantage of profits. Sufficient volume could easily result in a correction, and on-chain monitoring resource CryptoQuant suggested that the weekend's gains had come too fast. As Cointelegraph noted, the past month has been marked by price compression where volatility slowly decreased, and Bitcoin's trading corridor constantly narrowed. Bitcoin futures hint at a move to $9,400 Bitcoin futures markets began Monday several hundred dollars higher than where they left off on Friday. The resulting "gap" of around $250 could see BTC/USD fall to fill it — and according to market data, traders are queuing up to bet on a drop lower to around $9,400. The point of control on the market lies at around $9,585, with little faith among institutional trader bets that upward trajectory will continue. Bitcoin has a historical tendency to fill futures gaps, with previous voids sealed up within days or even hours — whether they were $100 or $1,000. The Fed could put the cat among the pigeons This week will see the U.S. Federal Reserve decide on interest rates, which the majority expects will remain at 0.25%. Nevertheless, comments could sway macro markets significantly, and if Bitcoin continues its correlation, its short-term behavior could follow. The weekend's action was decidedly out of tune with stock markets, weakening the pattern of correlation, which had previously formed a major topic of discussion. Miners take it in stride Mining pool outflows are staying calm despite Bitcoin's run to $10,300. A lack of inspiration to sell marks a contrast with other recent price events, such as around May's block subsidy halving. At the same time, difficulty and hash rate — two essential network fundamentals — remain at or near all-time highs. The hash rate is at an average of 123 EH/s. After weeks of steady gains, fundamentals are bearing out the popular theory that in Bitcoin, "price follows hash rate. 1.5 million people follow us on social media Download our official app:

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