Analyst William Suberg identified five factors that could affect the cryptocurrency market in the course of this week, while bitcoin remains locked between the levels of $9 000 and $10 000.
Stock market optimism returns
After Friday’s decline in futures in the stock market show growth, despite continuing concerns about pandemic coronavirus. Bitcoin Sunday after the oscillation period about $9 000 fell below this level, however, was able to recover quickly.
Further weakness in the S&P 500 index, which bitcoin during the last months correlated at 95%, may have a negative impact on short-term prospects of cryptocurrencies, the analyst Tone Weiss.
At the same time, analyst Michael van de Poppe finds reason for optimism, noting that even at the recent low near $8 900 increase in the price of bitcoin since March is 140%. Since the beginning of the second quarter of bitcoin is significantly superior to the stock market on the profitability of investments with a value of above 40%.
The complexity of hashing may fall
According to forecasts, the complexity of the bitcoin mining, another conversion which will be in about 30 hours, may drop. In the previous terms two weeks ago, the index increased by 15%.
However, Hasrat of bitcoin is volatility. The average seven-day value fell to 105 EH/s last week, but recovered to 115 EH/s to yesterday.
A small gap in the futures market
Break in trading on the Chicago Mercantile exchange (CME) over the weekend and the change of bitcoin prices on the spot market at that time led to the fact that in the futures chart has formed a gap or the gap between the $9 180 and $9 250. The last value of $100 exceeds the current price of bitcoin. Typically, these gaps tend to close, which unsuccessfully used by traders to predict future market behavior.
On Friday was held expiration of $1 billion in options on bitcoin, but, contrary to the expectations of market participants, this event has not led to a noticeable increase volatilnosti.
Investors driven by fear
The market sentiment has changed a bit compared to the previous week. According to the index of greed and fear fear prevails among them.
Last week metric experienced a short ascent to 9 points under the influence of the news that PayPal may add the option of direct purchase of crypto-currencies.
Exchange bitcoin balances are at 13-month low, highlighting a lack of interest from investors for the sale of cryptocurrency.
Miners cut sales
The actions of the bitcoin miners remain in the spotlight after several periods of active sales in June. According to CryptoQuant, the outflow of assets from the mining-pools is slowed down by the end of last week after the jump on June 24.
Presumably, the sales could stand two Chinese mining pool, which brought 7 000 BTC for the elimination of the OTC market. CryptoQuant also notes that on June 26 there was an outflow of funds from the smaller pools.
The need to judiciously allocate their resources has acquired a new relevance for miners after the may halving when they collect awards for the blocks were cut in half.