Bitcoin begins a new week with stocks rising and the U.S. dollar falling - all while trading back above $16,000.
Cointelegraph takes a look at the factors which could shape how Bitcoin moves in the coming days.
Traditionally, Bitcoin moves inversely with DXY, and despite this relationship becoming less pronounced recently, heavy moves in either direction can still impact BTC/USD. Asian stocks meanwhile led the way on Monday, with 15 nations signing the long-awaited Regional Comprehensive Economic Partnership, set to reduce trade tariffs by up to 92% between them.
Analyzing the status quo, macro investor Dan Tapiero argued that ongoing economic policy would nonetheless help safe havens, including Bitcoin.
Bitcoin's weekend price action has allowed it to start its third best week in history after sealing a weekly close above the seminal $15,890 area.
For the weekly chart, this means that Bitcoin beat its performance from the previous week to see its third highest weekly close on record Sunday.
The increased competition among miners follows a sharp decline in difficulty two weeks ago, which at 16% was Bitcoin's biggest since 2011.
Data further shows that hash rate - an estimate of how much computing power is dedicated to validating the Bitcoin blockchain - is returning to growth after its own drop.
Things aren't looking good for avoiding a Bitcoin price dip, a popular investor sentiment indicator meanwhile warns on Monday.
As Cointelegraph reported analysts argue that 2020 has produced much more "Organic" and sustainable growth for Bitcoin price.
Stocks boom, dollar gloom: 5 Things to watch in Bitcoin this week
Published on Nov 16, 2020
by Cointele | Published on Coinage
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