A mixed bag of metrics and influences is testing Bitcoin’s resolve this week, with trajectory undecided as $9,000 wavers.
Bitcoin (BTC) begins a new week in uncertain times after regaining $9,000, but where is BTC/USD headed in the coming days?
Cointelegraph Markets highlights five factors driving Bitcoin price action for the week ahead.
Stocks optimism returns with $9K
Following a major slide on Friday, stocks futures were gaining early on Monday, despite ongoing pressure from Covid-19 concerns.
Dow Jones, S&P 500 and Nasdaq futures all rose modestly, cementing a quiet weekend that saw Bitcoin outperform in terms of volatility.
BTC/USD, which has shown a tendency to copy stock market movements in recent weeks, briefly lost $9,000 support on Sunday before regaining the level.
The move had in fact been long coming — most of last week saw $9,000 testing in a slow grind down away from five figures.
Further weakness in the S&P 500, with which Bitcoin is 95% correlated in recent months, could be particularly damaging in the short term, trader Tone Vays warned on Thursday.
Nevertheless, some traders were optimistic. Cointel