Today I came across a good article by fellow Cointelegraph portal's William Suberg on the outlook and probabilities that lie ahead for bitcoin price action as it begins a new week with an uphill struggle to regain the ground lost in the past two weeks.
According to Suberg, "After a weekend that decimated cryptocurrencies, traders are licking their wounds, but bitcoin is already recovering," another point is regarding "Sensitivity to geopolitics is therefore one of the main focuses of the new week, with commentators comparing recent events in the Middle East to the COVID-19 cross market crash of March 2020."
On the other hand, "So far, altcoins have borne the brunt of the market's sharp reaction to hostilities between Israel and Iran; the BTC/USD pair has managed to preserve USD 60,000 support"
However, leverage has fallen sharply, and even when it comes to bitcoin, 30% of the open interest has disappeared in an instant. "Going forward, there is a lot to deal with: while volatility is already quite visible, bitcoin is only days away from its next halving."
It has been mentioned that, "bitcoin bulls are recovering after the sudden drop to USD 61,000. It is safe to say that this weekend saw a nightmare in the cryptocurrency market the likes of which has not been seen before"
SOURCES CONSULTED
Cointelegraph. $70K BTC price by the halving? 5 things to know in Bitcoin this week. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
