Bitcoin (BTC) begins a new week with a totally different feel to last as BTC/USD seals its lowest weekly close since December 2020.
A night of losses into June 13 means that the largest cryptocurrency is now edging closer to beating its ten-month lows from May.
The weakness has left few guessing: shock inflation data from the United States last week sparked a chain reaction across risk assets and low weekend liquidity appeared to exacerbate the consequences for crypto assets.
The macro pain continues this week. The Federal Reserve is due to provide information on rate hikes and the economy more broadly — the first official policy update since the inflation figures.
The mood among analysts on both Bitcoin and altcoins — while not unanimously bearish — is thus one of resignation. A period of painful trading and hodling conditions may have to be endured before a return to the upside, something which at least chimes with the historical patterns of Bitcoin’s halving cycles.
What could be the market triggers in the coming week? Cointelegraph takes a look at five factors to consider as a Bitcoin trader.
Celsius “collapse” looms, sending Bitcoin tumbling
It was a long time coming, but Bitcoin has finally broken out of the tight range in which it has traded since first dipping to ten-month lows last month.
After bouncing from $23,800, BTC/USD then circled the $30,000 zone for weeks on end, failing to deliver a decisive move up or down. Now, while not what investors would like, the direction seems clear.