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What should Bitcoin investors pay attention this week?

Bitcoin price once again avoided to test the $ 9,000 level: What will investors see in terms of Bitcoin this week?

What should Bitcoin investors pay attention this week?
Yazar: editor_1

Yayınlanma: 17 Temmuz 2020 20:56

Güncellenme: 7 Kasım 2024 07:31

What should Bitcoin investors pay attention this week?

Bitcoin price once again avoided to test the $ 9,000 level: What will investors see in terms of Bitcoin this week?

Stock Market Is Under Pressure

The macro view is progressing steadily. Before trading started, Dow Jones and S&P 500 futures saw an increase despite rising coronavirus fears. According to a news source from Bloomberg, this sentiment looks anxious both in terms of increasing the number of cases and the US responses to protect the economy. If the central bank intervenes again and adds to the balance sheet, there will be a feeling of unrealistic presence in the stock market. Bitcoin continues to correlate with the stock market recently. The movement of exchanges on both sides affects the performance of the BTC / USD pair. It is also no exception that the price of bitcoin rose from $ 9,000 to $ 9,500 in the previous week and then dropped again. Analysts closely monitor the index S&P 500, in which Bitcoin provides a 95 percent correlation.

Investor Feelings are Conflicting

Investor sentiment in the crypto money market is still in conflict with traditional markets. The Crypto Horror & Ambition Index has been in the "horror" category in recent weeks. On the contrary, the equivalent index, which includes the traditional markets, is in the category of "ambition" and gradually decreases towards the "neutral" part. While the index of traditional markets decreased by 7 points compared to the previous month, it was calculated as 59 points, while the crypto index was calculated as 43 points on Monday when it was 38 points in the previous month.

Cash and Gold are ahead of the Exchange

The ambition statement is also in line with other signs that the situation on the stock exchanges is better than it should be. Market commentator Holger Zschaepitz noted on Monday that the correlation between Nasdaq and S&P 500 has increased, and this is a "exaggeration" signal. On the other hand, banks seem to experience quarterly performance, which is expected to be the worst since the 2008 economic crisis. The recovery caused by the Fed's interventions in the stock markets led to the accusations that the whole market is now artificial and the value of "real" impression is not important. According to this week's data, it is seen that investors increased their investment in cash and gold instead of stocks in 2020. The entries of the two categories of assets have left the others behind since the beginning of the year, similar to 2008-9.

Bitco:in Basics Did not Lose Strength

Another correction to the Bitcoin challenge will occur on Monday; Indicating the miner's difficulty, the indicator is expected to bring a new one to its recent positive movements. It is among the expectations that the difficulty will increase by 9.5 percent in terms of the remaining hours. The challenge shows how much effort should be spent on calculations while mining new Bitcoin blocks. The higher the difficulty, the higher the competition.

Scissors Will Not Occur

The Bitcoin futures market did not experience a huge price change over the weekend. The small fluctuation means that markets will start the week on a similar spot with Friday. This indicates that there will be no Scissors in which the Bitcoin price has historically inclined to close.
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