cointelegraph.com
Bitcoin (BTC) is back with a vengeance this week as a new day’s trading gets underway with a fresh attack on $60,000.
After a weekend in which the largest cryptocurrency avoided a correction, Monday is looking bullish — but what could shape price action in the short term?
Cointelegraph presents five factors to keep an eye on for Bitcoin traders as the market inches closer to historic all-time highs.
Stocks reflect coronavirus mayhem
The macro picture is a tale of two coronavirus moods this week.
With the United Kingdom exiting lockdown, sentiment among business leaders has bounced to highs, indicative of pockets of optimism surfacing in the West still battered by coronavirus restrictions.
The picture is muddied by Eurozone main players France and Germany, in which the picture is much less rosy, while the United States is also a patchwork of policy when it comes to the virus.
As such, stocks are broadly flat as the week begins, while elsewhere, looming lockdown is sending sentiment plummeting in India, Monday’s main downward mover.
The controversial measures from Delhi “are unnerving markets and no one is sure whether lockdowns will help bring cases under control,” Deepak Jasani, head of retail research at HDFC Securities told Bloomberg.
“The incentive to try and bottom-fish at this point is limited for traders.”
Markets commentator Holger Zschaepitz meanwhile described a “busy” week for equities, noting new highs for mainstream risk assets on Friday — something which increasingly includes Bitcoin.
Breakout on the cards for Bitcoin
The signal of the moment within Bitcoin is finally tied to the spot market.
On Monday, $60,000 is back after BTC/USD last passed the significant price level early on Saturday.
The weekend saw the largest weekly close in Bitcoin’s history at around $60,000.
Ether sees fresh historic peak in altcoin surge
It’s not just Bitcoin shooting for the moon on Monday — altcoins are setting records, indicative of a broader leg up for cryptocurrency interest.
These are being led by Ether (ETH), the largest altcoin by market cap, which has hit new all-time highs on the day, currently at $2,190.
