{"id":112843,"date":"2020-11-16T12:00:10","date_gmt":"2020-11-16T09:00:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/stocks-boom-dollar-gloom-5-things-to-watch-in-bitcoin-this-week\/"},"modified":"2020-11-16T12:00:10","modified_gmt":"2020-11-16T09:00:10","slug":"stocks-boom-dollar-gloom-5-things-to-watch-in-bitcoin-this-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/stocks-boom-dollar-gloom-5-things-to-watch-in-bitcoin-this-week\/","title":{"rendered":"# Stocks boom, dollar gloom: 5 Things to watch in Bitcoin this week"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4e092d825a0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4e092d825a0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/stocks-boom-dollar-gloom-5-things-to-watch-in-bitcoin-this-week\/#Stocks_near_all-time_highs_while_USD_sinks\" >Stocks near all-time highs while USD sinks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/stocks-boom-dollar-gloom-5-things-to-watch-in-bitcoin-this-week\/#Bitcoin_in_3rd_highest_weekly_close\" >Bitcoin in 3rd highest weekly close<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/stocks-boom-dollar-gloom-5-things-to-watch-in-bitcoin-this-week\/#Institutions_arent_selling\" >Institutions aren\u2019t selling<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/stocks-boom-dollar-gloom-5-things-to-watch-in-bitcoin-this-week\/#Fundamentals_trend_upward\" >Fundamentals trend upward<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/stocks-boom-dollar-gloom-5-things-to-watch-in-bitcoin-this-week\/#How_much_extreme_greed_is_possible\" >How much extreme greed is possible?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Stocks boom, dollar gloom: 5 Things to watch in Bitcoin this week <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) begins a new week with stocks rising and the U.S. dollar falling \u2014 all while trading back above $16,000. What\u2019s next for price action?<\/p>\n<p>Cointelegraph takes a look at the factors which could shape how Bitcoin moves in the coming days. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Stocks_near_all-time_highs_while_USD_sinks\"><\/span>Stocks near all-time highs while USD sinks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This week\u2019s macro environment feels somewhat different to the last \u2014 stocks are gaining, boosted by a major Asian trade deal, while the U.S. dollar is losing ground. <\/p>\n<p>According to the latest data on Nov. 16, the U.S. dollar currency index (DXY) has declined over the past week to hit 92.58 from post-election highs of 93.2. Traditionally, Bitcoin moves inversely with DXY, and despite this relationship becoming less pronounced recently, heavy moves in either direction can still impact BTC\/USD.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/8835f77d-1b58-4ee8-bc4b-415ba87eb74d.png\"><figcaption style=\"text-align: center;\"><em>U.S. dollar currency index 10-day chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/TVC-DXY\/\">TradingView<\/a><\/em><\/figcaption><\/figure>\n<p>Asian stocks meanwhile led the way on Monday, with 15 nations signing the long-awaited Regional Comprehensive Economic Partnership (RCEP), set to reduce trade tariffs by up to 92% between them.<\/p>\n<p>The mood spilled over to European and U.S. futures, with markets now on track to hit record highs across the board. The situation is curiously familiar \u2014 after the crash and subsequent rebound earlier this year, markets are once again buoyant despite the tightening noose of coronavirus restrictions worldwide.<\/p>\n<p>As Cointelegraph previously reported, artificial meddling from central banks remains a major cause for reservations about the true health of equities.<\/p>\n<p>Analyzing the status quo, macro investor <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/DTAPCAP\/status\/1328156059987488769\">Dan Tapiero<\/a> argued that ongoing economic policy would nonetheless help safe havens, including Bitcoin.<\/p>\n<p>\u201cExpect more liquidity injections from central banks. Short term economic activity will slow again as caution returns,\u201d he tweeted. <\/p>\n<blockquote><p>\u201cNo view on covid, only on people&#8217;s response to it. Mkts will be well supported with #GOLD and #Bitcoin continuing to benefit.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_in_3rd_highest_weekly_close\"><\/span>Bitcoin in 3rd highest weekly close<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin\u2019s weekend price action has allowed it to start its third best week in history after sealing a weekly close above the seminal $15,890 area.<\/p>\n<p>For the weekly chart, this means that Bitcoin beat its performance from the previous week to see its third highest weekly close on record Sunday. <\/p>\n<p>Only two more weekly closes have been higher, but analysts continue to debate whether the market will attempt to revisit them.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/4150d34d-cf6e-4b00-8ecf-2b9d84717b85.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin weekly closes since all-time high. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a><\/em><\/figcaption><\/figure>\n<p>\u201cThe market in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> is at crossroads of direction,\u201d Cointelegraph Markets analyst <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1327963147945308163\">Micha\u00ebl van de Poppe<\/a> summarized late Sunday, when BTC\/USD hovered at around $15,850.<\/p>\n<blockquote><p>\u201cBreaking below $15,500 and I assume we&#8217;ll see a correction across markets with $BTC to possibly $13,000 or lower.\u201d<\/p><\/blockquote>\n<p>Previously, trader <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/ToneVays\/status\/1328127157458055174\">Tone Vays<\/a> said that he would be eyeing a top around $17,000 or $18,000.<\/p>\n<p>\u201cI do not believe this current push is going to take us to new all-time highs,\u201d he forecast in video analysis earlier in the week.<\/p>\n<blockquote><p>\u201cI believe a top is coming sometime at the end of November or the second half of November; it may drag until early December.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Institutions_arent_selling\"><\/span>Institutions aren\u2019t selling<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the event, $16,000 returned, with publishing-time levels circling $16,250 prior to Wall St. opening.<\/p>\n<p>Away from retail, institutional investors remain conspicuously long BTC, and according to statistician <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1327655549723283457\">Willy Woo<\/a>, capital inflows prove it.<\/p>\n<p>\u201cWeekend trading setup: Shaking off some bearishness technicals (4h RSI div, 8h TD9),\u201d he told <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers Saturday. <\/p>\n<blockquote><p>\u201cShort and mid term on-chain fundamentals bullish, more coins scooped off exchanges, more users arriving. Buy the dip scenario.\u201d<\/p><\/blockquote>\n<p>Woo was referring to the decreasing number of coins held on exchange order books, a phenomenon that has marked the recent price gains from $11,000 onwards. Rather than speculate, investors are putting coins into storage elsewhere, indicating a desire to hold for the long term. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fundamentals_trend_upward\"><\/span>Fundamentals trend upward<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Signs of bullish change already permeate Bitcoin\u2019s network fundamentals despite the increasing warnings of a price dip. <\/p>\n<p>Estimates from monitoring resource <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/btc.com\/stats\/diff\">BTC.com<\/a> on Monday show that Bitcoin\u2019s mining difficulty is now set to increase by around 4% in the coming hours. The latest automated readjustment for difficulty, estimates previously forecast a drop of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately 6%, but subsequently reversed direction. <\/p>\n<p>The increased competition among miners follows a sharp decline in difficulty two weeks ago, which at 16% was Bitcoin\u2019s biggest drop since 2011.<\/p>\n<p>Zooming out, analysts have been keen to note that difficulty is arguably Bitcoin\u2019s most important technical characteristic. Adjustments on long-term timeframes, combined with block subsidy halvings every four years, have consistently protected the network completely independent of external help.<\/p>\n<p>\u201cThe difficulty adjustment ensures that only so much flow can be dropped into the market every day. What that means for the price is interesting because it helps calm the urge to front-run the future halving events,\u201d <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/PrestonPysh\/status\/1327103306775359488\">Preston Pysh<\/a>, co-founder of The Investor\u2019s Podcast Network, wrote in a now-popular Twitter thread published last week.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/6fa4ef46-4371-4d84-b84e-3a95d97948b0.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin 7-day average hash rate 2-month chart. Source: Blockchain<\/em><\/figcaption><\/figure>\n<p>Data further shows that hash rate \u2014 an estimate of how much computing power is dedicated to validating the Bitcoin blockchain \u2014 is returning to growth after its own drop. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_much_extreme_greed_is_possible\"><\/span>How much extreme greed is possible?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Things aren\u2019t looking good for avoiding a Bitcoin price dip, a popular investor sentiment indicator meanwhile warns on Monday. <\/p>\n<p>The latest readings from the Crypto Fear &amp; Greed Index suggest that a correction is all but guaranteed for BTC\/USD. <\/p>\n<p>Fear &amp; Greed uses a basket of factors to gauge the mood among BTC investors, and with a score of 90\/100, it lies firmly in the \u201cextreme greed\u201d zone. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/b8204431-7980-4208-9bfd-a99cde6ed486.png\"><figcaption style=\"text-align: center;\"><em>Crypto Fear &amp; Greed Index historical chart. Source: Alternative.me<\/em><\/figcaption><\/figure>\n<p>For context, only at the height of last year\u2019s bull run did the Index beat its current highs. As Cointelegraph reported, however, analysts argue that 2020 has produced much more \u201corganic\u201d and, therefore, sustainable growth for Bitcoin price.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/stocks-boom-dollar-gloom-5-things-to-watch-in-bitcoin-this-week\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Stocks boom, dollar gloom: 5 Things to watch in Bitcoin this week &#8221; Bitcoin (BTC) begins a new week with stocks rising and the U.S. dollar falling \u2014 all while trading back above $16,000. What\u2019s next for price action? Cointelegraph takes a look at the factors which could shape how Bitcoin moves in the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":112844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/681d0f06-5644-4085-a100-685329bc1fe4.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785,70359],"class_list":["post-112843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/112843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=112843"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/112843\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/112844"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=112843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=112843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=112843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}