May 18, 2022

$60K meets whale sellers: 5 things to watch in Bitcoin this week

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Bitcoin (BTC) begins a new week riding high near record price levels — can it sustain the gains much longer?

After a roaring weekend, the largest cryptocurrency is seeing mixed results prior to Monday’s Wall Street open.

Cointelegraph takes a look at five factors which could serve to influence where BTC/USD heads in the coming days.

China growth counters lagging stocks

It’s a mixed picture for macro markets as the week gets underway, with no clear narrative dictating what the knock-on effect could be, if any, for risk assets.

While bond yields are troubling U.S. futures, on the other side of the world, Asia could barely be better as China reports almost inconceivable growth for the first months of 2021.

As Bloomberg notes, the data looks a lot tidier thanks to being compared to the same time last year, at which point China was in lockdown over Coronavirus. Both industrial output and retail sales beat targets of 32%, jumping by 35% and 33.8%, respectively.

Nonetheless, liquidity worries involving China’s central bank, the People’s Bank of China (PBoC), kept the overall mood in check.

“Since the start of this year, PBOC has netTitle: $60K meets whale sellers: 5 things to watch in Bitcoin this week
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Published Date: Mon, 15 Mar 2021 08:34:39 +0000