- Bitcoin opens the week slightly higher, signaling potential for growth despite the small gap above last week’s close.
- Short-term traders’ surge in Bitcoin suggests renewed demand, supporting the view of a continued upward trend.
- With tech earnings and GDP data ahead, Bitcoin’s price direction may be influenced by broader market sentiment.
Bitcoin (BTC) entered the new week with a price slightly above that of the previous close, indicating that there is more room for growth. Although this difference is not very significant, its closeness to the current market price indicates that the market is in a state of steady equilibrium. Bitcoin wrapped up last week in the green by +10%, thus keeping the market upbeat. BTC continues its upward streak into the week and is gearing up for more movement to the upside.
Bitcoin’s Positive Territory
Daan Crypto Trades pointed out that the bearish wick below the opening price does not change the fact that Bitcoin is in a positive territory. The standing of the BTC upturn was seen last week combined with a lesser fluctuation in altcoins, which is a good sign for the market. The situation remains relatively stable, and both Bitcoin and other alternative coins continue to hold their ground, which is somewhat promising for the market.
Source: X
Based on the current setup, some events in the coming week could impact the course of BTC price direction. The major tech earning reports are due next week, along with the Gross Domestic Product report to be released on Wednesday. These factors will influence the wider market sentiment and could be crucial in determining BTC’s short-term price movements. Policymakers and other stakeholders are paying keen interest to these issues since they affect the outlook of the investors and the market.
Rising Short-Term Demand
IntoTheBlock data showed that for the week, BTC has a higher number of short-term traders’ balances. This trend indicates an increase in demand due to the expectation of higher returns; hence, expect more price appreciation. Short-term traders are back, indicating that they are eager to capitalize on the price action of BTC. These higher volumes of trades are in line with the theory that the current rise in Bitcoin’s price is not just a dead cat bounce.
Source: X
This may simply be the start of a continuation of the higher level of speculative demand. Therefore, the current gains observed in BTC price might be the beginning of the upward movement of cryptocurrency’s rates. The entrance of short-term traders could be what will be needed for Bitcoin to further extend its rally.
BTC has maintained the positive trend, and it looks rather stable as the new week begins. Since the technicals suggest a possible breakout and, more so, sentimental demand, particularly the speculative demand factor, BTC may be in for a move. Investors would then be keen to know whether this trend will persist and whether broad measures will push Bitcoin to an all-time high.
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