Bitcoin sentiment seldom improved this past week as it remained stuck inside a $150-wide trading area.
Traders maintained their distance from the top cryptocurrency while shifting their focus on the DeFi market.
All eyes now remain on how the S&P 500 index performs. The US benchmark has formed a record positive correlation with Bitcoin.
A clueless Bitcoin is hanging between a booming DeFi craze and a choppy US stock market as it enters the new week.
The benchmark cryptocurrency closed the previous weekly session marginally lower by 0.97 percent. A week before that, it rose by 2.52 percent. And another weekly session before it, the BTC/USD exchange rate plunged 0.47 percent. As one can tell, Bitcoin is going through a period of low volatility and higher uncertainty.
DeFi, US Stocks
Lying amid an annoying Bitcoin trend are two hugely powerful fundamentals: DeFi and the S&P 500.
Trend comparison between the S&P 500, Bitcoin, and one of DeFi tokens Chainlink. Source: TradingView.com
Traders have moved large amounts from the Bitcoin market to speculate on the ongoing DeFi hype. Some tokens boasting about their decentralized assets have yielded more than 100 percent in gains in the third quarter. As usual, people are buying the hype, ignoring Bitcoin as it remains clueless about its next directional bias.
The cryptocurrency, meanwhile, is also taking its cues from the US stock market.
#bitcoin has hit a record high correlation to the S&P 500, considering that the stock market only goes up this is a good thing for $btc pic.twitter.com/DcJ9hmE5M2
— Lark Davis (@TheCryptoLark) July 12, 2020
It rises when the S&P 500 heads higher, and falls when the index plunges lower. That has left traders searching for hints in the continually developing macro narrative led by rising COVID cases, quarterly earnings season, unemployment data, and their overall impact on the US economy.
Bitcoin Macro This Week
Market sentiment cautiously improved on Wall Street last week. While the S&P 500 and the Dow Jones closed higher, the tech-savvy Nasdaq Composite lagged behind the two probably due to a dismal earnings report from Netflix.
This week, more technology firms will release their second-quarter financial results. They include Tesla, Microsoft, Twitter, Intel, IBM, and other companies. Incidentally, shares of these firms plunged sharply last week despite becoming the flagbearer of the US stock market recovery after the March rout.
Investors appear cautious already. Both Bitcoin and the S&P 500 futures have opened in negative territory on Monday, signaling another week of a choppy session ahead.
$BTC #bitcoin bounce ($9,220) … #BTC is now striking distance away from its highest mark ($9,260) in five days … S&P futures opened flat this evening.
— Ronnie Moas | Nomad | Stocks | BTC | Charity (@RonnieMoas) July 19, 2020
All eyes are also on the rising number of COVID cases in the US. With that in mind, government officials could announce precautionary lockdowns in the most-affected states. Investors are also waiting for more information on the next round of stimulus benefits from the US Congress – as the existing one expires on July 31.
If approved, the S&P 500 rally may sustain for another quarter, taking Bitcoin alongside. If not, the cryptocurrency risks falling below its technical support level of $9,000, with some observers anticipating a crash towards the $8,000-$8,600 range.
Read more: There’s “lots Of Open Air” For Bitcoin Down To $7k If This Level Is Lost
As for this week, concerns offset hopes. Bitcoin may likely trade above $9,000 while eyeing a close above $9,400 on a promising S&P 500 outlook. But a breakout prediction appears far-fetched. origin »
Bitcoin Magazine
Bitcoin Defends $84K Support Like a Champ: Oversold Bounce Targets $94K This Week
Bitcoin plunged to $80,000 but powerfully reclaimed the critical $84,000 support zone, closing the week at $86,850.
The cryptocurrency market is showing signs of stabilisation on Wednesday following the market-wide correction earlier in the week. Bitcoin temporarily dropped below $100k on Tuesday but is now trading above $101k.
Michael Saylor dropped another "Orange Dot Day" on Sunday, teasing that Strategy kept buying Bitcoin last week, even after already sitting on 640,418 BTC worth about $72 billion.
Over $1.2 billion left US Bitcoin ETFs this week as Bitcoin tumbled below $104K, but on-chain data shows long-term holders are staying firm.
The post $1.2B Left BTC ETFs This Week, but Not All is Lost for Bitcoin Price appeared first on Coinspeaker.
Bitcoin plunged 12% after Trump’s new China tariffs. Crypto market saw $19B in liquidations amid panic selling. Analysts predict possible strong rebound this week. Bitcoin took a sharp plunge on Friday, falling more than 12% after President Trump announced a 100% tariff on Chinese imports, sparking fears of a new trade war.
The price of Bitcoin held steady over the weekend, rising to the crucial resistance level of $118,000 as numerous bullish catalysts converged. Bitcoin (BTC) was trading around $118,500 at last check Sunday, up sharply from last week’s low of $112,000.…
Bitcoin faces pivotal US economic signals this week, from labor data to Fed rhetoric. Traders are watching closely for signs of dovish policy shifts that could renew crypto’s bullish momentum.
The post 4 US Economic Signals That Could Derail Bitcoin’s Recovery This Week appeared first on BeInCrypto.
Three critical US economic indicators this week—Powell’s remarks, jobless claims, and PMI data—could trigger major Bitcoin price moves. With macroeconomic pressure mounting, crypto markets are bracing for volatility.
Bitcoin’s price is at the mercy of several key US economic indicators this week, including CPI, PPI, jobless claims, and consumer sentiment, which could sway investor sentiment and liquidity.
The post 4 US Economic Signals That Could Move Bitcoin This Week appeared first on BeInCrypto.
Bitcoin and most altcoins remained in a tight range last week, despite rising exchange-traded fund (ETF) inflows and top US indices, such as the Nasdaq 100 and S&P 500, reaching a record high. Bitcoin (BTC) rose above $110,000 for the…
Bitcoin's recovery faces resistance at $106,265, with potential corrections toward $103,700 or $95,600 due to selling pressure. A breakout above $106,265 could trigger a rally toward $108,000.
The post Two Major Support Levels to Watch for Bitcoin Price This Week appeared first on BeInCrypto.
Bitcoin price has stalled at $105,000 amid increasing spot ETF outflows and as sentiment among investors turned to neutral. Bitcoin (BTC) was trading at $105,550 on Sunday, June 8, up by 5% from its lowest point last week. It remains…
Bitcoin and most altcoins pulled back on Friday, erasing some of the gains they made earlier this week. Bitcoin (BTC) dropped to $107,300, down by 4.12% from its highest point this week. Similarly, Ethereum (ETH) fell by over 8% from…
Bitcoin and other altcoins rallied last week as trade risks eased following President Donald Trump’s praise of the talks between the U.S. and China. Bitcoin (BTC) cruised above $104,000 and is near the all-time high. Similarly, Ethereum (ETH) ended its…
Bitcoin and top altcoin prices suffered a harsh reversal toward the end of the week as the crypto fear and greed index remained in the fear zone. After soaring to $89,000, Bitcoin (BTC) crashed to about $82,000 on Saturday morning.…
Crypto market had a very strong start of the week with Bitcoin pumping to over $88k and Ethereum to almost $2. 1k – both 2-week peaks. However, all gains are now mostly gone as Bitcoin and Ethereum are back to their last week levels of below $86k and $2k respectively.
Bitcoin traded slightly weaker on Wednesday, hovering around $81,867 at press time, up 0. 42% in the past 24 hours. This stabilization follows a volatile week where Bitcoin hit a four-month low of approximately $76,600 on March 11 before rebounding above $83,000.
The crypto and US equities markets started the week on the worst possible note, reacting negatively to the launch of the Chinese AI platform DeepSeek. Despite the initial downturn, the Bitcoin price has since returned above the $100,000 level, moving mostly sideways to close the week.
Bitcoin (BTC) experienced significant volatility on Tuesday, dropping 4. 8% to $97,000 once again after briefly surging above $100,000 to start the week. Major crypto stocks, including Coinbase and MicroStrategy, also saw sharp declines, falling more than 7% and 9%, respectively.
Bitcoin has been hitting new all-time highs over the past week as the crypto market recorded strong bullish sentiment after GOP candidate Donald Trump won the U.S. presidential elections. Bitcoin (BTC) gained 18% over the past week and is up…
Bitcoin broke past $71,000 Tuesday morning to lead other major altcoins into a bullish trend a week before the US elections. According to CoinGecko’s tracking, Bitcoin touched $71,075 after dipping last week due to rumors circulating over a possible investigation on Tether and the ongoing Middle Eastern conflict.
There has been a notable drop in the total number of Bitcoin transactions in the past week. Between Sept. 8 and Sept. 11, it decreased from 909,000 to 412,000, showing a market cooldown. This sharp decline aligns with a noticeable drop in network activity, likely influenced by an overall reduction in trading volume after several […]
The post Bitcoin transactions plummet by over 50% in a week appeared first on CryptoSlate.
Bitcoin has enjoyed a strong price week, surging past the US$60,000 level. It is up ~7.9% in the last seven days, starting the week around the US$59,500 price level and ending it trading near US$64,200.
Bitcoin price has moved sideways this week even as American stocks continued their post-Black Monday crash rally. Bitcoin (BTC), the biggest cryptocurrency in the industry, has been stuck in a narrow range between $58,000 and $60,000 this week. Bitcoin has…
Bitcoin continued its sharp pullback after a positive start to the week, with the price retreating to a two-week low of of $62,403. Just four days ago Bitcoin achieved a three-month high of $70K.
Ethereum witnessed a more severe correction last week than Bitcoin.
Metrics suggested that selling pressure was high on BTC and ETH, but ETH had an edge.
Bitcoin [BTC] remained in the liThe post Ethereum vs Bitcoin: Which coin should you bet on this week? appeared first on AMBCrypto.
Bitcoin’s price drop last week, exacerbated by German government transfers, pushed hashprice to an all-time low of $44.31/PH/day, despite a 5% downward difficulty adjustment. Last week’s Bitcoin (BTC) price drop, worsened by German government liquidations, had pushed hashprice, a metric…
Bitcoin struggled amid recent Mt. Gox repayments and market trends, but the bearish behavior shouldn’t be interpreted as unfavorable. Last week, Bitcoin (BTC) concluded the week at approximately $55,850, marking an 11% drop from the prior week’s closing price of…
Bitcoin-based crypto investments have witnessed another week of outflow in what was an unpleasant week for Bitcoin and other cryptocurrencies. Bitcoin investors, in particular, were disappointed as they watched the price of the world’s biggest asset decline during the week, temporarily falling below $60,000.
Key takeaways Bitcoin briefly dropped below $59k on Monday as Mt. Gox plans to repay some of its clients. Solciety has raised $400k in a week as its 30-day presale begins excellently. BTC slips below $59k as buyers suffer losses The cryptocurrency market is having a poor start to the week, with Bitcoin and other […]
The post Bitcoin dips to $60k as Solciety’s presale rakes in $400k in a week appeared first on CoinJournal.
Bitcoin price came under intense pressure this week as concerns about demand and ETF inflows continued. BTC is on track for the second consecutive week in the red, moving below key support level of $65,0000. Bitcoin is now down more…
Bitcoin’s spot trading volumes over the past week show a varying level of market activity and sentiment. Bitcoin’s price saw some volatility over the week, peaking on May 25 at $69,270, followed by a slight decline and stabilization around the $68,000 to $69,000 range.
Bitcoin Cash increased by 13% in the past week after establishing base support above a key level. It has formed a bullish pattern on the daily chart, negotiating the next major rally as it faces a minor resistance.
Some analysts were frightened by the recent drop in Bitcoin prices. Though the coin is showing signs of strength, multiple leveraged longs were liquidated early this week. In a post on X, one analyst thinks Bitcoin might have just found support, bottoming up after the contraction this week, pushing it lower from the multi-week range established in mid-March through to the better part of April.
Hong Kong regulators are likely to approve the first set of applications for spot bitcoin exchange-traded funds next week, making it possible that the products could be ready for an April launch, Reuters reported on Wednesday, citing two people familiar with the matter.
Bitcoin has seen two large outflows from Coinbase in the last week.
There has been a corresponding spike in the exchange’s premium index.
On the 1st of April, Bitcoin [BTC] recorded its seThe post Bitcoin records two outflows from Coinbase in a week: What's going on? appeared first on AMBCrypto.
Following a week of net outflows, the spot Bitcoin ETF market has rebounded with impressive net inflows this week, highlighting a growing investor confidence in Bitcoin and its associated financial products.
Cryptocurrencies have had a difficult performance this week as many investors started to take profits. Bitcoin price retreated to a low of $62,000, down from last week’s high of $73,500.
The price of bitcoin has shattered records by briefly surging past the $70,000 mark earlier today, signaling a renewed wave of enthusiasm among investors. The top cryptocurrency experienced a steady climb throughout the week with a sustained 12% rally, aided by the introduction of spot bitcoin exchange-traded funds (ETFs) in the United States.
Cryptocurrency prices had another difficult week as investors continued to sell the Bitcoin ETF news. Bitcoin retreated to a low of $41,000, much lower than last week’s high of near $50,000. Other coins like Ethereum, Solana, and Cardano remained under pressure.
In a week etched in crypto history, the long-awaited arrival of Bitcoin ETFs in the US sent shockwaves through the market. Yet, despite the monumental achievement, the king of crypto, Bitcoin, took a step back on Saturday, dipping 6% to end the week barely above $43,000.
Bitcoin price failed to recover above $107,000. BTC is trimming gains and might could continue to move down if it trades below $102,500. Bitcoin started a fresh decline after it failed to clear $107,000.
Square, the payment services arm of Block, has launched its Bitcoin payment feature for small businesses, allowing them to accept BTC payments and manage their digital assets alongside traditional finances through its point-of-sale platform.
Eric Trump, son of US President Donald Trump and executive vice president of the Trump Organization, has revealed new bullish predictions for Bitcoin (BTC).
Bitcoin price is attempting to recover above $103,500. BTC could continue to move up if it clears the $106,500 resistance zone. Bitcoin started a decent recovery wave above the $103,500 support. The price is trading above $104,500 and the 100 hourly Simple moving average.
Bitcoin price is struggling below $105,000. BTC could continue to move down if it stays below the $104,200 resistance. Bitcoin started a fresh decline below the $104,000 support. The price is trading below $104,000 and the 100 hourly Simple moving average.
