Having reached local highs of $9,330 on Monday, BTC/USD lost momentum overnight, in step with a dip on Wall Street with Tuesday seeing further losses. Bitcoin thus continues its correlation with macro markets.
Modern Consensus looks at the market forces at play that could make or break the price of Bitcoin this week.
Bitcoin has gone from bearish to bullish and back again this week. With price action dictated by macro assets — gold and equities — traders and analysts have had to weigh a basket of positives and negatives.
Bitcoin or gold? The debate over the two macro assets looks ready to boil over. Gold is circling its all-time highs against the U.S. dollar, but Bitcoin has yet to show an intention to follow in its footsteps.