Bitcoin (BTC) starts a new week in a precarious place — below $45,000 and below some key moving averages. What’s next?
Almost a week after a cascade of leveraged position unwinding forced the market to $42,800, Bitcoin has erased most of its subsequent recovery.
The weekend produced little by way of a paradigm shift, and now, downside volatility is firmly in place. With BTC/USD down 13% in a week, Cointelegraph takes a look at five things that may help traders to anticipate what the next move could be.
Stocks due for rebound
Stocks are expected to perform better this week after selling pressure added to Bitcoin’s woes in the first half of September.
With a red week behind them, expectations are that equities will now rally, continuing a trend which had characterized markets since the Coronavirus crash in March 2020.
“Expecting equities to bounce this week and provide some relief for Bitcoin,” Charles Edwards, CEO of investment manager Capriole, forecast.
Bitcoin’s overall relationship with macro trends