Cryptokoin.com - Bitcoin (BTC) ended its third week after $ 500, just $ 500 away, after halving. So, what are the developments that may affect the price of leading crypto money this week? Here are some key factors:
Stocks and oil contrast with Bitcoin price
Traditional markets started shaky this week. The US protests combined with President Donald Trump's reaction to China about Hong Kong started panic in the market.
Safe harbor assets rally as a result of this uncertainty. The ounce price of gold has increased since May 27 and is traded at $ 1,735 at the time of writing.
Andreas Antonopoulos said oil fell in the US and local crypto miners could take advantage of it.
Bitcoin has begun to "depart" from macro movements in the market in recent weeks. However, the potential to monitor gold continues.
The data shows that Bitcoin currently generates a 50 percent return, even in the 2nd quarter alone.
Double difficulty fix in Bitcoin
Bitcoin faces a downside difficulty adjustment that can take place within three days.
Automatic adjustments, one of the most important features of the Bitcoin network, allow miners to participate in transaction verification. In the leading cryptocurrency, the level of difficulty that has been lowered twice in a row since December 2018 has not been seen.
Unlike the difficulty level, the hash rate is rising this week. It reached about 95 quintillion hash per second on Monday. The correction may trigger this upward trend in the short term.
Miner sell-offs begin to decrease
Halving last month reduced miners' BTC revenues by 50%. Then, for a while, miners started selling more BTC than they earned.
This trend has declined in the past ten days, and the amount of exports has dropped significantly.
The decline in the desire to sell their BTC overlaps with consumer activity as well - Bitcoin owners also seem to have withdrawn their money from exchanges. This situation also exceeded the levels in December 2018. In addition, 60% of the Bitcoin supply has not been carried for a year or more.
Whether the withdrawal from the exchanges is an indicator of investors' expectation of bull run remains a topic of debate among analysts.
There is no futures gap to push Bitcoin price
Open positions for CME Bitcoin futures ended on Friday. For this reason, the “gap” in the market has decreased and there is not much chance of a sudden upward or downward movement for Bitcoin to fill this gap.
BTC / USD parity tends to close the gaps left in futures. Therefore, filling the large and small gaps on the opening days in the last two weeks was no exception.
Stock-flow model excitement has started again
According to the creator of the stock-flow model, which looks quite certain when viewed historically; At the $ 9,500 focal price point, Bitcoin is acting exactly as expected.
The model was supposed to be an important “red dot” for the start of the bullish phase for June 1.
According to this model, each rising stage raises the price one order up - high levels that can be experienced until 2024 this time may be $ 576,000 or more.
