'Imminent' crash for stocks? 5 things to know in Bitcoin this week
Bitcoin (BTC) starts its first full week of December at three-week highs as bulls and bears battle on.
After a weekly close just above $17,000, BTC/USD seems determined to make the most of relief on stocks and a weakening U.S. dollar.
As the United States gears up to release November inflation data, the dollar looks to be a key item to watch as BTC price action teases a recovery from the pits of the FTX meltdown.
All may not be as straightforward as it seems — miners are facing serious hardship, data shows, and opinions on stocks’ own ability to continue higher are far from unanimous.
As the end of the year approaches, will Bitcoin see a “Santa rally” or face a new year nursing fresh losses?
Cointelegraph presents five areas worth watching in the coming days when it comes to BTC/USD performance.
Light relief for Bitcoin bulls this week comes in the form of a solid weekly close followed by an uptick to multi-week highs.
BTC/USD hit $17,418 on Bitstamp in the hours after the close, taking the pair to its highest levels since Nov. 11, data from Cointelegraph Markets Pro and TradingView shows.
For traders, there is reason to believe that short-term strength may hold, allowing Bitcoin to head closer to $20,000.
“No change to my expectations. Still looking for 19k+,” Credible Crypto confirmed to Twitter followers on Dec. 4.
Fellow trader Dave the Wave meanwhile put faith in a Christmas rally coming next, while others, including popular commentator Moustache, said that the time was historically right for recovery.
Comparing the 2022 bear market to previous ones, he explained that BTC/USD should now be finding a bottom, 31 weeks after its last all-time high.
“The Bitcoin bottom should be very close,” he reiterated at the weekend.
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