Bitcoin (BTC) started the new week uncertainly just above 9 thousand; So what is waiting for the BTC / USD pair in the coming days? Analysts have discussed five factors that will drive the Bitcoin price movement this week.

Positive Weather and Effect on Bitcoin in General Markets

The general stock markets, which experienced a big decrease on Friday, started rising next week despite pressures from Monday Covid-19. Dow Jones, S&P 500 and Nasdaq stocks started to rise slowly after a quiet weekend. BTC / USD, which has tended to correlate with general market movements in recent weeks, lost its support of 9 thousand dollars for a short time on Sunday.

The weakness of the S&P 500, where Bitcoin has had 95 percent co-movements in recent months, may be damaging to BTC in the short term. Market analyst Michael van de Poppe said that even at the $ 8.900 level seen in the decline, Bitcoin gained 140 percent compared to March. Bitcoin still gained 40 percent more value than the stock market in the second quarter and has brought it to its investors.

Miner's difficulty may drop again

The downward trend in the past week is preparing to show its impact on the basics of the Bitcoin network. The correction, which will take place in about 24 hours, is expected to be in a negative direction. 

The mining challenge is a basic mechanism that allows miners to have incentives to join the Bitcoin network, and automatic corrections act as an "economic policy".

On the other hand, a decrease was observed in the Bitcoin hash rate against the recorded hash rates. The hash rate was measured as an average of 115 EH / s this week.

Promising Candle Gap in CME Futures

Although not far from the current price, there was a candle gap seen in the CME Group's Bitcoin futures market over the weekend. The BTC / USD pair tends to close these candlestick chart gaps historically. If this situation recurs, Bitcoin may try to close the gap between $ 9,180 and $ 9,250 this week, 100 dollars above the current transaction level.

Also, open positions of Bitcoin option contracts close to $ 1 billion for June were closed in futures on Friday, but contrary to expectations, it did not have a big impact on the price.

Fear Index Demonstrates Fearful Weather in Bitcoin

The mood of daily investors seems to have changed slightly compared to last week. According to the Crypto Fear and Ambition Index, the “fear” atmosphere is dominant in the crypto sector at the moment. The tool uses multiple factors from 1 to 100 to compile the index, a higher score indicates that traders are acting irrationally and it's time to fix.

The fear index is currently 41 points, 9 points behind the previous week.

Determined Miners On The Field!

Mining sales continue to attract attention in the short term after the heavy sales in June. Mining pool sales began to decline after the heavy sales booms on June 24.

Miners felt a constant pressure to sell to the market after the split, but this seems to be a little more under control.