"Last week of the bear rally" - 5 things to know about Bitcoin this week
Bitcoin's highest weekly close since June fails to convince as volatility enters quickly with the start of the new week.< /p>
Market news
Bitcoin (BTC) enters another strong week after sealing its highest weekly close since mid-June - can the good times continue?
After a volatile weekend, BTC/USD managed to limit losses in the latter part of the weekend to produce a strong green candle on weekly timeframes.
In what could be the last “calm” week of summer, bulls have time ahead of them in the absence of major macro drivers involving the US Federal Reserve.
The fundamentals remain strong on Bitcoin, which is due to its mining difficulty increasing for the second consecutive time in the coming days.
In derivatives markets, encouraging signs are also present, with higher price levels accompanied by bullish sentiment data.
So the question for hodlers now is how robust the rally is and if it is just that: a bullish counter move in a broader bear market.
Cointelegraph outlines five factors that could influence the price this week and help decide Bitcoin's next steps.
Bitcoin Embraces Volatility After Week-Long CloseAt around $24,300, the August 14 weekly close was the best in two months for BTC/USD.
The weekly chart shows a steady uptrend that continues to build after the June lows, and last week's candle totaled around $1,100 or 4.8%.
An impressive move in 2022, the gains sparked some overnight volatility on Wall Street's first trading day of the week, with BTC/USD continuing to hit $25,200 on exchanges before falling reverse significantly below the weekly closing level.
BTC/USD 1 week candle chart ( Bitstamp ). Source: TradingViewTel
Bitcoin's highest weekly close since June fails to convince as volatility enters quickly with the start of the new week.< /p>
Market news
Bitcoin (BTC) enters another strong week after sealing its highest weekly close since mid-June - can the good times continue?
After a volatile weekend, BTC/USD managed to limit losses in the latter part of the weekend to produce a strong green candle on weekly timeframes.
In what could be the last “calm” week of summer, bulls have time ahead of them in the absence of major macro drivers involving the US Federal Reserve.
The fundamentals remain strong on Bitcoin, which is due to its mining difficulty increasing for the second consecutive time in the coming days.
In derivatives markets, encouraging signs are also present, with higher price levels accompanied by bullish sentiment data.
So the question for hodlers now is how robust the rally is and if it is just that: a bullish counter move in a broader bear market.
Cointelegraph outlines five factors that could influence the price this week and help decide Bitcoin's next steps.
Bitcoin Embraces Volatility After Week-Long CloseAt around $24,300, the August 14 weekly close was the best in two months for BTC/USD.
The weekly chart shows a steady uptrend that continues to build after the June lows, and last week's candle totaled around $1,100 or 4.8%.
An impressive move in 2022, the gains sparked some overnight volatility on Wall Street's first trading day of the week, with BTC/USD continuing to hit $25,200 on exchanges before falling reverse significantly below the weekly closing level.
BTC/USD 1 week candle chart ( Bitstamp ). Source: TradingViewTel
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