SEC, CPI and a 'strong rebound': 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a “massive” week in a precarious position as key support stays out of reach for bulls.
After fresh losses across crypto markets over the weekend, BTC/USD closed the week below $26,000 for the first time in three months.
Both Bitcoin and altcoins continue to struggle thanks to legal battles raging in the United States and their impact on sentiment.
Fragile markets will now encounter a slew of volatility triggers, however, as U.S. macro data releases accompany the next steps in the crypto legal debacle.
In what promises to be five days full of surprises, traders will likely experience none of the lackluster sideways price action which was characteristic of crypto markets before the U.S. upheaval.
How will the coming week shape up? Cointelegraph takes a look at the major things to consider when it comes to Bitcoin and wider crypto market price action.
Bitcoin price closed the weekly candle in a disappointing position thanks to last-minute downside wiping value from crypto as a whole.
The removal of various altcoins by certain trading platforms concerned about U.S. legal ramifications sent prices tumbling — and led BTC/USD to its lowest weekly close since mid-March, data from Cointelegraph Markets Pro and TradingView shows.
In doing so, the pair also locked out the 200-week moving average (MA) as support.
“A BTC Weekly Candle Close below the 200-week MA could confirm it as a lost support,” trader and analyst Rekt Capital warned beforehand.
Michaël van de Poppe, founder and CEO of trading firm Eight, held similar concerns about the fate of the total crypto market cap.
Mayday, mayday.Total market capitalization is beneath the 200-Week MA and EMA.Needs to get back above $1.04T during this week to avoid further
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