| "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. | | | 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. | | | |
