Btc

Bitcoin (BTC) started the new week uncertainly just above 9 thousand; So what is waiting for the BTC / USD pair in the coming days? Analysts have discussed five factors that will drive the Bitcoin price movement this week.

Positive Weather and Effect on Bitcoin in General Markets

The general stock markets, which experienced a big decrease on Friday, started rising next week despite pressures from Monday Covid-19. Dow Jones, S&P 500 and Nasdaq stocks started to rise slowly after a quiet weekend. BTC / USD, which has tended to correlate with general market movements in recent weeks, lost its support of 9 thousand dollars for a short time on Sunday.

The weakness of the S&P 500, where Bitcoin has had 95 percent co-movements in recent months, may be damaging to BTC in the short term. Market analyst Michael van de Poppe said that even at the $ 8.900 level seen in the decline, Bitcoin gained 140 percent compared to March. Bitcoin still gained 40 percent more value than the stock market in the second quarter and has brought it to its investors.

Miner's difficulty may drop again

The downward trend in the past week is preparing to show its impact on the basics of the Bitcoin network. The correction, which will take place in about 24 hours, is expected to be in a negative direction. 

The mining challenge is a basic mechanism that allows miners to have incentives to join the Bitcoin network, and automatic corrections act as an "economic policy".

On the other hand, a decrease was observed in the Bitcoin hash rate against the recorded hash rates. The hash rate was measured as an average of 115 EH / s this week.