Bitcoin (BTC) starts a new week with some fresh hope for hodlers after halting what has been the longest weekly downtrend in its history.
After battling for support throughout the weekend, BTC/USD ultimately found its footing to close out the week at $29,900 — $450 higher than last Sunday.
The bullish momentum did not stop there, with the pair climbing through the night into June 6 to reach multi-day highs.
The price action provides some long-awaited relief to bulls, but Bitcoin is far from out of the woods at the start of what promises to be an interesting trading week.
The culmination will likely be United States inflation data, this itself a yardstick for the macroeconomic forces at world globally. As time goes on, the impact of anti-COVID policies, geopolitical tensions and supply shortages is becoming all the more apparent.
Risk assets remain an unlikely bet for many, as central bank monetary tightening is seen to be apt to pressure stocks and crypto alike going forward.
Bitcoin’s network fundamentals, meanwhile, continue to adapt to the surrounding reality and its impact on network participants.
Cointelegraph takes a look at five factors to bear in mind when charting where BTC price action may be headed in the coming days.
Tenth time’s the charm for BTC weekly
It was a long time coming, but Bitcoin has finally closed out a “green” week on the weekly chart.
BTC/USD had spent a record nine weeks making progressively lower weekly closes — a trend which began in late March and ended up being the longest ever in its history.
On June 5, however, bears had no chance, pushing the pair to $29,900 before the new week began, this still being approximately $450 higher than the previous week’s closing price.
That event sparked several hours of upside, with local highs totaling $31,327 on Bitstamp at the time of writing — Bitcoin’s best performance since June 1.
On the Weekly candle close, Trend Precognition printed a Long signal on the #Bitcoin Weekly chart….
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