The article below was written by Willaim Suberg who has been working with Cointelegraph since 2013. William got into Bitcoin while he was completing his Master’s degree and has not looked back.

As bitcoin and other cryptocurrencies continue the rise back to their previous highs in February 2021, there is still a lot of cryptocurrencies to be made as crypto trading continues to be profitable.

The article covers five things to watch out for this week, but there is a sixth that is always present and that’s the “Promise to Pay” companies whose goal is to separate you from your bitcoin and other cryptocurrencies.

As more cryptocurrency novices come into the market it is imperative they get their cryptocurrency education as soon as possible so that they can recognize the signs and avoid companies that want them to give them their cryptocurrency, refer others, and promise to pay them a higher percentage as their team grows.

Your ability to earn cryptocurrency should not be tied to your ability to refer others to a company or a service, and you should NEVER give control of your cryptocurrency to ANYONE or any company.

If you are new to the cryptocurrency market, click the “Cryptocurrency Education” link in the menu above to learn how you can get the knowledge you need to survive and thrive with cryptocurrencies.

Read the article below, leave a comment, and subscribe to my blog so that you can be notified when I post new content.

The article below can be found at the following website URL:

Bitcoin closes its second-best week ever: 5 things to watch in BTC this week

$50,000 support remains elusive but data suggests that the Bitcoin bull run is still “sustainable” with few sellers lined up.

17696 Total views
34 Total shares

Listen to article


Bitcoin closes its second-best week ever: 5 things to watch in BTC this week


Bitcoin (BTC) starts a new week on a firmly bullish note as stocks tumble and BTC managed to close the week above $50,000. 

After a mixed performance last week that saw multiple tests of $46,000, buyer support is entering and BTC/USD is within 15% of all-time highs.

Cointelegraph takes a look at what might lie in store for traders in the coming days with five factors likely to affect Bitcoin price action.

Stocks nosedive as USD gains

The tide is turning on the equities miracle of the past year, with indices falling left and right amid warnings that the rout is far from over.

On the back of significant losses in tech stocks, including crypto industry favorites Tesla and MicroStrategy, Asian stocks shed over 1% on the open on Monday.

Despite a strong close last week, expectations were for a knock-on effect for the U.S. prior to Wall Street returning. According to analysts at Morgan Stanley, the Nasdaq 100 could even touch its 200-day moving average, lying around 800 points below its current level of 12,642.

“You will see a lot of volatility in markets,” Kim Stafford, Asia Pacific head at Pacific Investment Management, told Bloomberg.

“We believe that confidence is improving, especially with vaccines coming online, so we will see an uptick in growth globally. There are a lot of reasons to be confident in the market but a lot of this is also priced in.”

With grim short-term perspectives for equities traders, the U.S. dollar is boosting its existing strong performance.

Extending a run from late February, the U.S. dollar currency index (DXY) touched 92.19 over the weekend and held above the 92 mark on Monday.

Traditionally a problematic phenomenon for Bitcoin price strength, recent moves on the index have been felt less than over the past year with BTC/USD broadly shrugging off sentiment to forge an increasingly asymmetric path.

U.S. dollar currency index 1-day candle chart. Source: Tradingview

Coming in tandem with the USD meanwhile was renewed strength in oil prices, which surged on news that Saudi Arabia’s infrastructure had suffered an attack. Output, however, has not reportedly been affected.

Stimulus checks incoming

The main impetus for dollar strength, however counterintuitive, has been news that lawmakers will inflate its supply to the tune of $1.9 trillion as they pass the latest coronavirus stimulus package.

Passed by the Senate on Sunday, President Joe Biden’s sweeping cash injection piles fresh debt on the country’s existing mountain but will supply eligible Americans with $1,400 payouts.

Given Bitcoin’s increased public profile this year compared to the last major stimulus payout of $1,200 in March 2020, expectations are high that at least some of the money will flow into BTC.

The figures, now widely repeated online, speak for themselves. According to online monitoring resource Bitcoin Stimulus, the combined value of the two previous checks — $1,200 and $600 — would be over $10,250 as of March 4 had each recipient immediately purchased Bitcoin.

Put another way, the first $1,200 stimulus bought 0.18 BTC at the time of receipt, while the $600 check bought 0.02 BTC. This time around, despite the USD amount being larger, at the time of writing, it would only be worth 0.028 BTC.

Long term, meanwhile, dollar weakness weighs heavy on the minds of investors given both its supply increase and the other impacts associated with the highly controversial economic response to the virus.

Despite claiming not to be a “Bitcoin maximalist,” veteran trader Peter Brandt said that Bitcoin would only profit from the current policy on longer timeframes.

“The devaluation of the purchasing power of the U.S. Dollar… has only just begun,” he warned on Sunday.

“This is why Bitcoin BTC, real estate, U.S. equities and commodities will continue to trend higher when expressed in USD fiat terms.”

Brandt also revealed that his second-largest investment position after real estate is his BTC allocation.

Bitcoin sees 2nd highest weekly close

Within Bitcoin, bulls were buoyed as the weekend came and went as fresh upside took BTC/USD over $50,000.

Coming in step with the stimulus announcement, local highs totalled $51,177 on Bitstamp. At the same time, positive investment news Fivfrom China extended the supply shortage narrative, this focusing on institutional buy-ins reducing the already dwindling amount of BTC available for purchase on the market.

Despite failing to hold on Monday, the psychologically significant level did manage to remain for the weekly close, providing Bitcoin’s second-largest weekly close on record.

Analyzing trader behavior, Rafael Schultze-Kraft, co-founder and CTO of on-chain analytics resource Glassnode, forecast that a return below $46,600 is unlikely.

“This support is holding nicely. And it got stronger! We now have a wall of 1.2M $BTC that moved on-chain between $46.6k and $48.6k,” he wrote on Sunday.

“That’s 6.5% (!) of the circulating supply. I’d be surprised if we go below anytime soon. I was long atFor Cointelegraph Markets analyst Michaël van de Poppe, a conspicuous trend despite the higher price levels was an overall lack of interest among consumers in particular.

“I’ve noticed the decrease of social media engagement and media attention on Bitcoin recently. While a few weeks ago, everyone and their parents wanted to get Bitcoin out of FOMO,” he tweeted on Monday.

“However, the current period is the time to accumulate your positions. When there’s no hype.”

Popular Twitter account Bitcoin Archive agreed, responding that interest “goes up and down” along with price performance.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

No one’s selling

Additional on-chain indicators confirmed “business as usual” among market participants.

At $50,000, miners are uninterested in selling, while flows to exchanges and exchange reserves continue to decrease, data shows.

For statistician Willy Woo, selling pressure has instead come from institutional players needing to prepare for reporting as Q1 comes to an end — far from a bearish signal.

“Who has been selling? Apart from margin longs liquidating, my guess from the data, it’s hedge funds rebalancing for end of Q1 reporting,” he told Twitter followers late last week.

“Many have mandates to rebalance when an allocation gets too big; BTC has outperformed incredibly. (Sell your winners, buy more losers).”

Woo also noted that large whales have been selling while smaller whales, who hold between 10 and 100 BTC, have increased their presence.

“Looking at the age of coins in this sell off, Dormancy being low tells us, so it’s young coins. It’s new whales who bought in recently selling their positions,” he added alongside charts from Glassnode and his own analytics resource, Woobull.

By contrast, he said, buy support is coming from “strong hodlers.”

Bitcoin average coin dormancy chart. Source: Willy Woo/ Twitter

Extreme greed is back

After a brisk drop to “fear” territory, the Crypto Fear & Greed Index is back to signalling “extreme greed” among investors.

Providing an indication that further price rises may be short-lived, the Index hit 81/100 on Monday, up from 76 the day before. Just a week ago, it measured 38/100.

Crypto Fear & Greed Index. Source:

Nevertheless, on-chain analysis has a convincing counterargument, with Glassnode’s Network Value to Transactions (NVT) data showing that volume has broadly accompanied recent price rises.

“What defines a healthy rise in Bitcoin’s price? …one that is backed by on-chain volume!” co-founders Yann Allemann and Jan Happel tweeted referencing Woo.

“When the price increases too fast without allowing blockchain activity to catch up, it is often not sustainable.”

Bitcoin entity-adjusted NVT chart. Source: Glassnode/ Twitter

NVT has risen in a satisfyingly steady fashion since before the 2017 bull market peak.

110 thoughts on “FIVE Things To Watch For As Bitcoin Crawls Back To Previous HIGH

  1. Effectively voiced truly! !
    draftkings online casino [url=]new online casino pa 2022[/url] golden hearts casino online

  2. Cheers! A good amount of knowledge.
    [url=]psychology thesis[/url] thesis literature review [url=]b ed thesis writing service[/url] thesis editing services

  3. Thanks, An abundance of knowledge.
    [url=]write a resume for me[/url] quick essay writer [url=]hire an essay writer[/url] writing an opinion essay

  4. Nicely put. Regards.
    [url=]write a thesis statement for your argument[/url] argumentative essay thesis [url=]thesis writing service[/url] thesis paper

  5. Great forum posts, Thanks.
    [url=]college paper for sale[/url] papers writing service [url=]custom papers online[/url] buy a paper

  6. Thanks! I value this!
    [url=]buying a research paper for college[/url] term papers for sale [url=]help on research paper[/url] write a term paper

  7. Thank you for your sharing. I am worried that I lack creative ideas. It is your article that makes me full of hope. Thank you. But, I have a question, can you help me?

  8. Terrific material. Thanks.
    [url=]essay writting service[/url] essay writing service uk forum [url=]top essay writing services[/url] best essay writing service australia

  9. Amazing facts. Thanks.
    [url=]help dissertation[/url] nursing dissertation help [url=]dissertations online[/url] uk dissertation writing

  10. This is nicely expressed. !
    [url=]best executive resume writing service[/url] essay writing service usa [url=]best essay service[/url] essay writing topics in english

  11. Good posts. Cheers!
    [url=]term paper writing service[/url] make proposal [url=]buying a research paper for college[/url] research paper proposal

  12. Thank you. Fantastic stuff.
    [url=]writing a thesis[/url] write a thesis [url=]master thesis writing service[/url] tentative thesis statement

  13. You reported this wonderfully!
    [url=]buy essay online[/url] where to buy essays online [url=]buy my essay[/url] where to buy essays online

  14. With thanks! A good amount of data!
    [url=]coursework writing services[/url] coursework writing [url=]coursework website[/url] my posse don t do homework

  15. You reported this superbly.
    [url=]custom thesis papers[/url] thesis paper for sale [url=]buying papers online college[/url] custom writing paper service

  16. Very good material. Regards!
    [url=]writing proposal[/url] research proposal [url=]write my term paper[/url] proposal introduction

  17. Wow loads of superb information!
    [url=]phd dissertation help[/url] dissertation data analysis help [url=]dissertation paper[/url] dissertation assistance

  18. Regards, Valuable stuff!
    [url=]best assignment writing service[/url] writing services [url=]academic essay writing[/url] essay writing prompts

  19. You said it very well.!
    [url=]essay writer service[/url] essay writing service reddit [url=]best resume writing service reddit[/url] essay writting

  20. Nicely put. Thanks.
    [url=]essaypro[/url] essaytyper [url=]how to write a college essay[/url] essay writing help

  21. Whoa plenty of wonderful tips.
    [url=]online paper writing service[/url] pay to write paper [url=]research paper writing service[/url] paper help

  22. Great stuff. With thanks!
    [url=]thesis topic[/url] writing a thesis statement [url=]working thesis[/url] writing a thesis

  23. Effectively voiced indeed. !
    [url=]xyz homework[/url] i don t want to do my homework [url=]should i do my homework[/url] my homework

  24. Nicely put. Appreciate it.
    [url=]dissertation writing service[/url] dissertation proposal [url=]dissertation abstracts international[/url] dissertation writer

  25. Excellent forum posts. Regards.
    [url=]paper writer services[/url] custom papers [url=]pay someone to write your paper[/url] pay for college papers

  26. You said that adequately.
    [url=]website that writes papers for you[/url] research paper writer [url=]writers of the federalist papers[/url] essay writers online

  27. Superb facts, Thanks!
    [url=]helping others essay[/url] buy essay [url=]how to write a college essay[/url] paperhelp

  28. You said it nicely..
    [url=]do my homework[/url] do my homework for free [url=]do my homework[/url] do my math homework for me

  29. Nicely put, Appreciate it!
    [url=]write my paper for me free[/url] essay write [url=]essay writter[/url] write an essay

  30. Wow loads of good data!
    [url=]best college essay writing service[/url] buy essay online writing service [url=]free essay writing service[/url] buy essay writing service

  31. Regards. Loads of information!
    [url=]writing essays services[/url] linkedin profile writing service [url=]help with college essay writing[/url] essay services

  32. With thanks! I like this!
    [url=]writing dissertations[/url] dissertation writing services reviews [url=]what is a phd[/url] dissertation writing help

  33. Beneficial content. Cheers!
    [url=]best resume writing service reddit[/url] essay writing company [url=]essay writing tips[/url] best essays writing service

  34. Really quite a lot of beneficial information!
    [url=]doctoral thesis[/url] thesis template [url=]thesis statment[/url] working thesis

  35. Wonderful info. Regards!
    [url=]paper writing service[/url] paper writing service [url=]pay for paper[/url] pay for research paper

  36. Really tons of superb knowledge!
    [url=]essay writer free trial[/url] write my paper for me [url=]do my essay[/url] write my essay for me free

  37. You actually explained this exceptionally well!
    [url=]paper writing service[/url] custom research paper writing services [url=]pay for college papers[/url] best college paper writing service

  38. Cheers, Wonderful stuff!
    [url=]cheap essay help[/url] how to write a college essay [url=]help me write my essay[/url] buy essay

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>