3 Macro Catalysts That Could Send Bitcoin Lower This Week

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Bitcoin expects to face turbulent times this week as its dependence on macro fundamentals grow. S&P 500 earnings and the next fiscal stimulus bill are among the most influential catalysts that could drive the cryptocurrency lower. Nevertheless, it may retain its yearly bullish bias based on technical factors. The new week poses a big test for Bitcoin investors who are flying blind since its “halving.” The cryptocurrency is treading flat inside a $300 trading range for the last three weeks. It has failed to breach above $9,500, a technical resistance level, to establish a short-term bullish outlook. Meanwhile, it has also maintained a price floor above $9,000. The seesaw moves stand reflective on Bitcoin’s realized volatility. According to data fetched by Skew, it has fallen to 37.2 percent, its lowest in circa two years. The readings merely reflect traders’ cautious approach to trade Bitcoin, especially as its correlation with the…

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