Bitcoin Consolidates as $12K Bull Run Sets the Stage for More Volatility

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 Consolidates as $12K Bull Run Sets the Stage for More Volatility "It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy."  — Satoshi Nakamoto Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead. As ever, Bitcoin is proving that anything can happen when it comes to price action — where could BTC/USD go this week? A basket of considerations — from macro movements to triggers coming from Bitcoin's own derivatives markets — is primed to dictate the market. At the same time, Bitcoin could see another surprise move like that which briefly sent it to $12,000 over the weekend. Back at $11,200 after a sudden crash, the largest cryptocurrency is lining up another week at five figures. Continue reading to discover what could influence price trajectory. It's all about Bitcoin futures Thanks to recent volatility, Bitcoin futures markets are once again a source of intense interest for short-term traders. On Monday, CME's futures faced their second weekend "gap" in a row, leaving the door open for BTC/USD to either rise or fall to "fill" the void. A classic move for the pair — a repeat performance would thus take BTC/USD either higher to $11,600 or lower to $9,600. Historically, even larger Bitcoin futures gaps have been filled within a matter of days or even hours. Cointelegraph Markets analysts are eyeing the lower gap, as a source of support for Bitcoin should bears gain more control. Weak U.S. dollar fuels safe-haven rush Gold is just $25 away from $2,000 and already at all-time highs versus USD — with Bitcoin copying its successes last week, further interest in the precious metal may spell more gains for BTC. A copycat move by Bitcoin was long in coming — XAU/USD saw weeks of solid returns while the largest cryptocurrency languished in a compression cycle. Now, however, conditions are different — with USD down 10%, appetite for safe havens is snowballing thanks to higher prices sparking more consumer interest. Data from Google Trends confirms that phenomenon, while the U.S. has signaled that it is far from finished when it comes to coronavirus financial stimulus measures. Consumers are back into crypto It's not just gold and the widely reported influx into stocks from users of consumer investment app Robinhood. Crypto businesses are seeing a surge in interest. Among them is Abra, the CEO of which confirmed this week that business is booming thanks to Bitcoin's trip to $11,000 and higher. Price action has always formed a catalyst for mainstream attention, and this time is no different, with mainstream media jumping on the narrative that cryptocurrency, in general, is experiencing a renaissance. Altcoins take center stage Beyond Bitcoin, meanwhile, Ether has been forming a topic of conversation of its own. Having beaten multiple long-term resistance levels, ETH/USD continues to beat Bitcoin on returns, lingering at two-year highs. Fuelled by the DeFi trading explosion, the largest altcoin briefly hit $400 over the weekend, and talk of an "alt season" continues to circulate among online traders. 1.5 million people follow us on social media Download our official app:

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