The inflow of the exchanges is surging owing to the reason that Bitcoin USD has recently declined below the $58,000 mark. This has led to numerous speculations as to what will happen next.
This new week has seen Bitcoin riding on new all-time highs in the price levels but this gives rise to the question of whether BTC can sustain this for long. The weekend had brought mixed results for the leading cryptocurrency before Wall Street started on Monday.
Highs And Lows Of Bitcoin
The growth in the Chinese economy since the coronavirus pandemic last year is expected to greatly improve Bitcoin prices. The retail sales and industrial output in China have exceeded by 32% and increased by 33.8% and 35%, respectively.
US President, Joe Biden has finally activated the stimulus package of $1.9 trillion that is already visualized as a BTC advertisement. This will boost the American economy and drive BTC prices higher.
Bitcoin had successfully managed to reach a $61,700 all-time high during this weekend but failed to sustain its bullish momentum by dropping under the $60,000 level during the Monday trading session. BTC/USD slid below $58,300 that was a record high last month to a $58,000 low.
In addition, Binance is inching closer to $50,000 and aiming at the $57,000 support level. In case there is a tendency to sell then the prices will naturally slide downwards. BTC might go through a crucial correction due to whale sell-off that might bring the price below $58,300 by almost 30%.
The funding rates of an exchange witnessed a huge surge for the first time since 23rd February, indicating a possibility of being short after payments. FilbFilb has a $70,000 and more price target which they consider a huge possibility for BTC soon.