As the new week begins, Bitcoin BTC is trading down $37,047, leaving traders wondering what will happen next as it approaches its highest points in 18 months. After rising beyond $38,000 last week, the price of Bitcoin has continued to rise, but since that time, a testing “micro-range” has left bulls and bears in a deadlock. The main short-term concern for market players currently is whether there will be a further correction or if a move to $40,000 will silence doubters.
While there are growing indications that the stock market is poised for a rise, there are a number of potential triggers that might assist in influencing the creation of a trend for Bitcoin over the coming days. Later on, the monthly closure is expected to bring volatility, but in the interim, a number of macroeconomic developments might bring some unexpected price movement. In their weekly list of factors that might cause volatility in the price of bitcoin, Cointelegraph examines these and other concerns.
Each Month, The Price Of Bitcoin Rises By Less Than 10%
This week’s important date on the calendar for day traders is the monthly close, with Bitcoin reaching an inflection point. According to Cointelegraph, the daily trading range is obstinate because of unproven levels of liquidity to the downside and the allure of $40,000 to the upside, which is surrounded by resistance.
The BTC/USD corridor has grown more and more constrained, and neither bulls nor bears have been able to break it; even new higher highs on daily timeframes have been limited and fleeting. Bids started to fill during the most recent weekly close, causing Bitcoin to fall to lows of $37,100 before rising, according to data from TradingView and Cointelegraph Markets Pro. Now, in the opinion of well-known trader Skew, bid momentum is starting to recover.