Five Things Which Will Impact The Crypto Markets This Week

Oil is in the market news today, trading near $10 in a record low this Monday. In the crypto news, we can see that there are five things which will impact the market – and Bitcoin has a lot to consider this week.

As we could see, Bitcoin (BTC) maintained $7,000 despite the strong resistance on April 20 as oil crashed through the fresh support levels towards $10. The dominant cryptocurrency is heading into what promises to be a choppy week for traditional markets. All of this leads us to listing the five things which will impact the crypto markets in the coming days.

1.Bitcoin price resistance

First in the list is the BTC price resistance. As we can see from the Bitcoin news now, the dominant coin has now maintained the $7,000 support line since April 16, while analysts continue warning that year-to-date resistance and the 200-day moving average are both barriers to further growth.

“Rejecting at $7,200-7,250 and rolling over and my first targets are $6,600 and $6,800,” the analyst Michaël van de Poppe predicted on Monday.

https://twitter.com/CryptoMichNL/status/1252135957752676352

2.Oil plumbing multi-decade lows

In traditional markets, the picture is highly varied and previous omens of $10 oil appear to be slowly coming true as WTI crude oil fell below $15. Last time this occurred was 1999, when oil was at a low.

“No one wants oil right now,” Bloomberg tweeted about the decline on Monday.

Nobody wants oil right now https://t.co/i6TE5Zh7jx pic.twitter.com/vD5eueFc3C

— Bloomberg Markets (@markets) April 20, 2020

3.Stocks climb but no one’s employed

Stock markets continue to gain, despite the millions of unemployed workers still appearing and the US and other governments supporting them with helicopter money. Since the crash in March, BTC has shown a continued correlation with the destiny of major stock markets.

4.Halving countdown

Fourth in the list of five things which will impact the markets this week is the countdown to the Bitcoin halving and the amount paid to miners which will be reduced to 6.25 BTC. Once the flow of new BTC halves, demand could theoretically also halve and still keep BTC/USD at the current level. Meanwhile, the analyst PlanB sticks to his prediction of a $30,000 BTC by the end of 2020.

IMO #bitcoin 2020 halving will be like 2012 & 2016. As per S2F model I expect 10x price (order of magnitude, not precise) 1-2 yrs after the halving. Halving will be make-or-break for S2F model. I hope this halving will teach us more about underlying fundamentals & network effects pic.twitter.com/kiTdN0n3Lu

— PlanB (@100trillionUSD) April 16, 2020

5.A difficult adjustment

On Tuesday last week, the difficulty adjustment feature for BTC showed that the coin will become 8.5% more difficult to find new blocks. This is one of the rare larger upticks after difficulty and is seen as a bullish sign by some analysts.