We can see plenty of bearish signals in the Bitcoin news today, suggesting that the BTC/USD pair is struggling. However, a higher CME futures gap is one of the causes for hope this week. As Bitcoin visits $8,750 at press time, it faces a challenging week as the $9,000 support is lost now and the uncertainty increases after the halving. So, what should you look out for in the coming days?
According to expert traders and analysts, there are four factors which will probably influence the Bitcoin price action in the short term. We are listing them below.
Bitcoin Visits $8,750 But Futures Gap Is Above $9,000
Volatility opened up a modest gap in the CME Group’s Bitcoin futures markets. The cryptonews now show that the next gap is lying between around $9,065 and $9,180. Bitcoin would need to reclaim the $9,000 mark to fill it – but we are not seeing a behavior like that today.
Sometimes, BTC/USD rises or falls to fill a gap before immediately reverting to near its previous position.
Miner Outflows Set To Fuel BTC Price Pressure
Miners were selling more than they earned, despite their incomes already being 50% lower due to the halving two weeks ago. If this practice continues, it will pile even more pressure on the price which already saw rejection closer to $10,000.
Fear & Greed Index Alerts “Fear”
The Crypto Fear & Greed Index is designed to measure the rationality of market sentiment in 1-100 reading sounds which set two different alarms – either “greed” or “extreme greed” when the readings are near 60 or higher.
The current reading as Bitcoin visits $8,750 is a “fear” reading, showing that many investors are scared of potential lows and collapses in the price of BTC.
Network Difficulty Could Mimic 2018
Last but not the least is the network difficulty. This is a measure of the effort required to mine on the Bitcoin blockchain. Currently, it is on course to drop 6.3% at its next adjustment in ten days’ time.
As a reminder, the previous adjustment from four days ago was 6% – a downward shift next time would produce the first back-to-back difficulty lowering ever since the Bitcoin price lows in December 2018.
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