2021-04-06 13:31:53
CRYPTO WEEKLY MARKET UPDATE 5 Things to watch in Bitcoin this week
Bitcoin has entered a critical stage with miners hoarding their earnings, albeit increasing institutions that are ready to buy and pile any Bitcoin they come across. It is still in the $50 000 with no sign of hitting the $60K mark.
It was a holiday in Asia, so most markets remained closed. As a result, the US futures did not see a lot of price movements. But oil prices were under pressure as OPEC countries sought to increase supply after the Suez Canal incident.
Crypto enthusiasts are waiting for Coinbase’s IPO on April 14th. But the U. S bond yield maintained an upward trend. According to Citigroup Global Markets, it affects stock valuation and increases the risk of inflation which affects future earning discount rates.
Uncertainty in COVID 19 vaccination is causing worries as Bitcoin struggles to get to its new support. Currently, it is going towards the $56,000. But on Friday, it challenged the $60,000 mark before assuming a bearish trend that saw it dip to $56,500. Thus, the support-resistance war is intense, although it is being capped at $60,045
William Clement, a Twitter analyst, says there is no reason for bitcoin to assume a bearish trend considering the trance of positives on-chain data. Thus, according to him, the coin is still far from the overheated signals on-chain indicators. So, we expect it to oscillate between the $3k-5k range as it did in 2017. Therefore, there is room for growth
1. Miners are not selling the coin, given that it has become difficult to mine the unit. Also, there is no incentive to take profit from the mined coin yet.
2. Note that there were more sales when the unit hit the $40,000 mark. But now, the sales have come to a stop despite the slower price gains. The reason for this is that everyone believes that the currency will become bullish again any time. The coin’s futures markets have hit an all-time high as institution appetite continues to increases.
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