Bitcoin (BTC) faces a difficult week as support at the $9,000 level fades and uncertainty increases after the halving.
Cointelegraph’s weekly summary takes a look at five factors that are likely to influence Bitcoin’s price action in the short term.
BTC price pressure on miners‘ fuel outflows
The weekend was a further downturn for the BTC/USD, as the bearishers took the currency price below USD 9,000.
This followed some difficult days last week, during which miners‘ sales increased dramatically.
As Cointelegraph reported, the miners were selling more than they earned, even though their earnings were already 50% lower due to the halving two weeks ago.
Grayscale accounts for 34% of new Bitcoin, while weekly investments total $30 million
Bitcoin mining pool outflows 1-year chart
If this practice continues, it will increase the pressure on the price, which has already been rejected by about USD 10,000.
Lower support levels in the $8,000 range may be crypto funds, lending and market manipulation, chat messaging app kik, prohibit such advertisements, vice industry tokens, credited bfx tokens to customers, received financial backing, utility settlement coin, sec’s fintech forum, broke $8,000 yesterday, 10,000 syrian refugees only firm hope of a rebound if losses continue. The 200-day moving average currently stands at exactly USD 8,000.
The new futures gap above USD 9,000
Volatility since Friday opened a modest gap in CME Group’s Bitcoin futures markets. Formed when one trading week ends at a different point than the next begins, these „gaps“ tend to be filled by the markets later.
This time, the gap is between USD 9,065 and USD 9,180. Bitcoin would need to claim the USD 9,000 mark to fill it, but this behavior is common enough to remain possible even under downward pressure.