BTC is sure to start a new week with major hope for holders after it halted what would have been the longest weekly downtrend in its history. After the price of the cryptocurrency went on battling for support throughout the entire weekend, the exchange definitely found its footing which helped the currency close out the week at $29,900- which was $450 higher than its price the previous Sunday.
The extremely bullish momentum definitely didn’t stop there- as the pair started climbing through the night into the 6th of June to reach multi-day highs. This price action for the cryptocurrency does provide what could seem to be some long-awaited relief to the market bulls, but the cryptocurrency is still not out of the woods.
BTC Still Not Out Of The Woods
The current week will see its culmination with the inflation data from the United States- which would itself be a yardstick for the extremely macroeconomic forces which are at work globally. As time is sure to go on, the impact of anti-COVID policies, supply shortages, and geopolitical tensions will definitely become more apparent in their dealings with BTC. Interestingly, risk assets will still remain quite an unlikely bet for many, with the central bank monetary tightening seeming to be apt to pressure crypto and stocks alike as it went forward.
The network fundamentals of BTC, meanwhile, will also continue to adapt itself to the surrounding reality- along with the impact it has on network participants. One of the factors behind it would be the cryptocurrency finally closing out on an extremely ‘green’ week on the weekly chart. The exchange did spend almost nine record weeks where it made progressively lower weekly closes- a trend that started in late March.
Now, while a few traders celebrated the newfound strength of BTC, others remained firmly cool.