| "People who are selling don't remember March 2020." | | Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead. | | | If surging into the start of the week is getting tiring, Bitcoin doesn't care — this Monday is suspiciously similar to many others in Q4 this year. | | | After falling heavily last week, BTC/USD had a flat weekend before abruptly heading higher and, at least so far, retaining its reclaimed ground. | | | In Bitcoin, however, anything can happen, and against solid resistance at $60,000 and continuing concern on macro markets over the coronavirus, the latest gains are far from guaranteed to stick around. | | | With the monthly close now less than two days away, Cointelegraph takes a look at what could end up impacting BTC/USD at this critical end-of-month stage. | | | Continue reading to discover five things worth taking note of when charting where Bitcoin is headed. | | Just when you started to believe the "bear market" | | | Bitcoin is back from the pit of its 21% correction and currently taking aim at $60,000 — a solid resistance zone. | | | Could it be for good this time or just another "fakeout" like several others this month? | | | Battered sentiment is already improving, but rising funding rates run the risk of BTC/USD gaining too much too soon. | | | It seems all too familiar for those who witnessed the events of March 2020 — a BTC price implosion followed by a rebound that practically never stopped. | | | Can November 2021 end up as a tribute to that same setup? Commentators believe that the consequences for Bitcoin will be less drastic this time around. | | | For now, it is volatility that is causing BTC some unwelcome, if familiar, bad publicity — even as this also remains comparatively docile. | | Is $50,000 the new $30,000? | | | It could be, judging from fresh key evidence about the composition of exchange orderbooks. | | | Not only is $50,000 demand the most solid since $30,000 earlier this year but both those bids and the resistance at $70,000 have been generated by the same entity. | | | The curious status quo nonetheless paints $70,000 as the ceiling to break through to continue the long-anticipated 2021 bull run. | | Tracking gold and Fibonacci sequences | | | Beyond Tuesday's monthly close, the coming weeks are arguably just as important for determining Bitcoin's trajectory. | | | BTC price forecasts are many and varied, but what happens next will be "do or die" for correlations involving gold and the 2017 bull run. | | | As more and more traders see this year's gains taking longer to materialize, it could nonetheless be February 2022 before a price paradigm becomes obvious. | | | In the meantime, though, it seems few are concerned about the $60,000 sell wall. | | | The majority of a large Twitter survey, which ended Monday, believes that BTC/USD will finish November above that level. | | | Sadly, however, it is unlikely to reach the infamous $98,000 "worst-case scenario" that many had hoped for this month. | | | |
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