3 Reasons Why Bitcoin Price May Slip Below $10K This Week

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A potential catalyst for Bitcoin’s supersonic price rally in 2020 has been the combination of ultra-flexible monetary policies of central banks and massive spending by governments. The prospects of cheaper money have inspired many to seek hedge in what is now the world’s leading cryptocurrency by market capitalization. As a result, BTC/USD jumped from $3,858 to just shy of $10,500 within only five months of trading. Nevertheless, the very same catalysts that pushed the pair exponentially higher are now giving away the signs of withdrawals. Especially this week, investors have started entertaining the idea of a US economic recovery without additional monetary supports. The outcome is a corrective BTC/USD trend, now trading about 18 percent lower from its year-to-date high. Bitcoin eyes a breakout above $10,500 to retain its short-term bullish bias. Source: TradingView.com The prospects of a stronger-than-expected recovery in manufacturing and jobs have left Bitcoin in a short-term…

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