Five BTC Aspects to Pay Your Attention ToColin Baseman
To watch the crypto market is an exciting experience. What it presents surprises and astonished the crypto community. Experts claim that this week has been no exception, either. There are a few major things to pay attention to. The current macro uptrends seem rather strange. They coincide with what we know of as middling price action for the cryptocurrency. BTC, though, promises us eight thousand USD instead of ten thousand USD.
BTC started another week lower than five hundred USD away from ten thousand USD. At the same time, sudden volatility is still present. Now, what does it indicate and what should traders hope and look out for?
The mass media sources are ready to introduce a weekly review of the key aspects set to make an impact on BTC/USD price action in the nearest few days.
The Market Stays Suspicious Despite the Risen Stocks
Many hope for an optimistic uptrend, and yet we cannot deny the chaos that the USA is suffering from.
Mass protests keep going on across the country and this is one of the things that may have influenced the BTC’s gains. We should also take into consideration the mid-March crash. OPEC+ made most businesses related to oil feel optimistic thanks to the members’ decision to make changes and cut production.
Experts claim that central banks are paying an unfair game – they’re purchasing junk bonds, which, in turn, creates harsh competition. This sort of action can only undermine the trustworthiness of markets.
The trajectory that BTC fundamentals took seems to be holding their upward trend. Hash rate as well as difficulty has visibly improved a few days ago, with the former circling up four percent. The press reports that this reduction signals that BTC is recovering itself and that was what experts predicted. Average block times have stabilized and miner participation has been active. The data shows similarities in a few other aspects, too.
BTC hash rate 1-month 7-day average chart. Taken from Blockchain
No Sudden Shifts Are Predicted
Futures markets do not foresee sudden shifts and promise to remain smooth. If BTC futures start a new week in a new place, then BTC/USD may ‘fill’ the resulting gap.
The most significant gap the market saw in May and it was filled within a few days. On the other hand, volatility hasn’t been significant last weekend.
CME Bitcoin futures chart showing a major gap. Taken from TradingView
What Do Users Expect from the Breakout
Market analysts have carried out plenty of research and announce that BTC may need quite some time to reclaim ten-thousand-USD support. Recently, the cryptocurrency has been zigzaging in the zone of nine thousand USD. They warn that short-term timeframes need to be bullish. Currently, CME futures volumes seem to give preference to bearish trends. The levels that are now low are likely to become key areas to keep track of in the nearest months.
The latest data show that traders feel neutral - they have finally let their emotions calm down. The Fear and Greed Index has been in ‘neutral’ area, which seems smoother than previous reading illustrated. The index shows the market conditions and its bearish or bullish moods. The bearish ‘fear’ zone has passed by and now the index is at 53/100.
C&G Index 3-month chart. Taken from Alternative.me
The crypto market is not always simple to comprehend. What direction it takes depends on many factors. The country’s economy, the post-pandemic crisis, and the mid-March crash have made their impact on the cryptocurrency, which makes many traders wonder what they can expect from BTC in the coming months.
Interview with Gen2 on The Capital07 Oct, 2020 Colin Baseman
TOP 10 crypto world news for October 2, 202002 Oct, 2020 Annabella Cornelly
TOP 9 crypto world news for October 1, 202001 Oct, 2020 David Kemp
TOP 10 crypto world news for September 30, 202030 Sep, 2020 Judy Rubio
TOP 9 crypto world news for September 29, 202029 Sep, 2020 Endy Callahan
TOP 10 crypto world news for September 28, 202028 Sep, 2020 Colin Baseman