‘Wild ride’ lower for BTC? 5 things to know about Bitcoin this week

Holiday weekend has everyone nervous as BTC price action hovers at $19,000.

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Bitcoin (BTC) begins another week still in vacation mode with US financial markets closed for Independence Day.

The largest cryptocurrency, stuck below the increasingly daunting $20,000 mark, continues to feel pressure from the macro environment as talk of lower levels remains ubiquitous.

After a quiet weekend, hodlers find themselves stuck in a tight range as the prospect of a breakout to the upside seems increasingly hard to believe.

As a trader and analyst singles out July 4 as the site of a “mad dash to the bottom” for crypto markets, the countdown is on for Bitcoin to weather the aftermath of the latest bull run Federal Reserve rates.

What else might the week ahead hold for you? Cointelegraph takes a look at potential market drivers for the days ahead.

BTC price bides its time over a long weekend

Bitcoin emerged from the weekend unscathed, but the classic pitfalls of off-peak trading remain.

The US won't return to the trading desks until July 5, providing plenty of opportunity for classic weekend price action in the meantime.

So far, the market has resisted volatility: except for a brief spike at $18,800, BTC/USD has circled the area between $19,000 and $19,500 for several days.

Even the weekly close provided no real trend change, as data from Cointelegraph Markets Pro and TradingView showed, with the undisputed psychologically significant $20,000.

BTC/USD 1 week candle chart (Bitstamp). Source: Trading View