'Something sure feels like it's about to break' — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week in an uncertain place facing uncertain times — is $40,000 now resistance?
The largest cryptocurrency has just closed a fourth red weekly candle in a row, something that has not happened since June 2020.
As cold feet over the macro market outlook continues to be the norm, there seems little to comfort bulls as the week gets underway — and Bitcoin is not done selling off yet.
On the back of $4,000 in losses over the past four days alone, price targets now focus on retests of liquidity levels further towards $30,000.
It is not all doom and gloom — long-term hodlers and key participants such as miners are showing a more positive stance when it comes to Bitcoin as an investment.
With that in mind, Cointelegraph takes a look at the forces at work when it comes to shaping BTC price action in the coming days.
The key external event for risk assets at the start of the week is the French election, this being won by incumbent Emmanuel Macron.
A sigh of relief for market players concerned about a surprise victory from far-right rival Marine Le Pen, Macron’s second term is expected to lift French stocks in particular on Monday’s open and the embattled euro along with them.
The European Union, much like the United States, faces a potent cocktail of inflation and plummeting bond markets, with the European Central Bank (ECB) nonetheless not yet taking decisive steps to raise interest rates or reduce its near $10 trillion balance sheet.
Bitcoin was unmoved at the Macron victory, and risk assets are already contending with an Asia downturn on Monday as Coronavirus in China rattles sentiment.
The Hang Seng index in Hong Kong is down 3.5% on the day so far, while the Shanghai Composite has shed 4.2%.
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