Gold bitcoin price trend chart
The impact of the okex incident on the currency market is fading; With the US election becoming increasingly white hot, the difficulty and hash rate of bitcoin are higher than before
in terms of price, so far, BTC has rushed to around us $11720, with a 24-hour increase of more than 2%
so the question is: where will bitcoin go in the next week
here are five factors that may affect the BTC price trend in the coming week
No.1 US macro level: election and stimulus plan this week, the US is the absolute focus of the macro market. The US presidential election will soon usher in a decisive moment (November 3)
analysts warn that if the Democratic Party (Biden) wins, the dollar will depreciate - and the long-term outlook for the dollar is already precarious. Goldman Sachs said last week that Trump's re-election was not enough to get the dollar out of danger
however, no matter what the election result is, professionals recommend buying gold as a hedge. However, in the view of others, bitcoin may bring more profits
However, e to the inverse correlation between BTC / USD and the dollar currency index (DXY), the strength of the US dollar, in the view of some bitcoin traders, will still affect the price trend of bitcoin. Although this correlation has become less and less obvious in recent weeks, the sudden weakness of the US dollar is still likely to be a boon for bitcoin
six month chart of US dollar currency index. Source: tradingview
at the same time, not only the election, but also what happened before is also a topic of interest. Specifically, a coronavirus stimulus plan was in place before polling day
If this happens, trillions of dollars of liquidity will increase the growing debt pile of the United States, and Americans will see additional benefits, such as an additional $1200 economic stimulus planNo.2 Europe suggests more intervention
with the outbreak again, the European Central Bank (ECB) is considering further measures
European Central Bank President Christina; In an interview with Le Monde on Monday, Lagarde said the European Central Bank would use more financial instruments if necessary
the European Central Bank's coronavirus stimulus program has purchased a total of 1.5 trillion euros of assets
"We haven't run out of options in our toolbox yet," says Lagardebrexit is increasingly moving towards "no agreement" brexit, which makes the possibility of instability worse
No.3 the fundamentals of bitcoin have reached a new high
recently, bitcoin has maintained a strong resilience in the face of various black swan events. Influenced by okex, BTC recently dropped below $11200, but recovered steadily soon. So far, it has exceeded $11600
and on the technical level, the fundamentals of bitcoin also maintained a record strength this month
two days ago, the difficulty of the latest adjustment increased by 3.5% than expected
at the same time, the hash rate also climbed to a record high on Monday. At the time of publication, the estimated computing power for mining is 146 exahashs (EH / s) per second
as often reported in the media, the popular theory is that the price follows the hash rate, because the long-term investment prospect of bitcoin is better than ever before
bitcoin 7-day average hash rate 1-month chart
No.4 analysts focus on $12000 BTC price breakthrough
for famous analyst Micha & # 235; For Lvan de Poppe, the key price conversion of bitcoin is becoming more and more reasonable
in his latest video update on Sunday, he stressed that the significant resistance level of weekly closing price below US $12000 for several consecutive years will soon end
Van de Popper believes that since the beginning of the bear market in early 2018, US $12000 has become the rejection point of the weekly chart, but the consolidation below cannot last forever
he concluded: "we are likely to rebound to the range of US $16000 to US $17000, because this is the obvious level and the last obstacle for bitcoin to begin to break through the all-time high."
after this move, there will be another consolidation period, which may last longer than the current period
van der BOPP added that he advised viewers to work hard to accumulate bitcoin, even in the $16000 range
BTC / USD 7-day price trend chart. Data source: coin360
No.5 market sentiment: greed is back
with the graal strengthening of prices, investor sentiment is also changing: data shows that investor sentiment is becoming more and more greedy. In the latest market data, the fear and greed index has returned to the "greedy" area, rising slightly from "neutral" in the past week
this indicates that bitcoin investors' emotional expectations will be bullish, but it should be noted that if the price rises too fast, "greed" will become "extreme greed", in which case the index is more likely to callback
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Bitcoin price trend can be understood by looking at the trend chart. First of all, in the long run, bitcoin is at the bottom stage after the decline
from the perspective of investment opportunities, it is a good opportunity to start buying money and then collecting money. Of course, this premise is to be able to stand loneliness and stand the test of time. Tun coin is based on the year
from the perspective of band speculation. There has been a wave of market recently, but it only lasted about a week. Now that the investment window has been missed, the next investment window is expected to drop to $3500 or rise to about $4000 in bitcoin. When the investment window arrives, I (WAN Yuanfu) usually publish it in the group for the first time. Do band also need to have certain technology, this will take time to slowly improve and perception
At present, the price of bitcoin is mainly driven by the Chinese market, which accounts for more than 90% of the global bitcoin trading volume
some analysts said that the rise of bitcoin was mainly e to capital and currency restrictions in China, India, Venezuela and other countries, which prompted people to buy e-money to maintain their savings, and also promoted investors to keep buying
so far, investors can't help asking whether bitcoin will replace gold as the largest safe haven asset
Ian Bezek, a professional trader, believes that bitcoin and gold have their own strengths, but gold has a greater advantage at this stage
Ian Bezek pointed out that bitcoin is highly accepted in some countries with serious capital controls, such as Argentina, where it is difficult to transfer assets abroad
e to China's economic slowdown and asset outflow, RMB devaluation occurs. Bitcoin is mainly used to convert RMB assets into overseas assets, which is much more convenient than gold
this is not bad news for gold, because the popularity of bitcoin means that gold, which is also a safe haven asset, will also usher in a rising opportunity
with data