Analysts predict that the end of Bitcoin’s compression cycle will hit within days as price action continues to preserve $9,000 support.
Bitcoin (BTC) price begins a new week ranging north of $9,000 as it awaits cues from macro markets — what could be in store for the coming days?
Cointelegraph takes a look at the major factors that could impact the BTC price this week.
BTC compression nears its end
Equities led a somewhat uneventful start to the week’s trading, with major stocks futures slightly down on the day — by a maximum of 0.6% at press time.
Bitcoin likewise had a quiet weekend, with volatility remaining negligible and a narrow trading corridor continuing to characterize price performance.
On Monday, BTC/USD hovered at around $9,180, having hit local highs of $9,226 earlier, its highest since July 15.
As has become standard in recent weeks, coronavirus sentiment and reactions to associated remedial measures from governments and central banks dictate macro action, and Bitcoin remains susceptible to copycat moves.
With calm reigning prior to the opening bell on Wall Street, room for maneuver appeared limited, given the “compression” in BTC/USD over the past several weeks.
A cycle of higher lows and lower highs, the current compression cycle showed little sign of breaking this month.