No signs of selling as miners hoard their earnings and institutions keep piling into the latest Bitcoin exposure products to hit the market.
Bitcoin is looking shaky at the start of a new week as $60,000 remains out of reach — could anything change in the coming days?
After an average weekend that failed to deliver the breakout that many had hoped for, Bitcoin (BTC) is clinging to the mid-$50,000 range.
Cointelegraph takes a look at five factors that can help shape future price performance.
Coinbase IPO a beacon in flat macro sea
Stock markets were unimpressive on April 5, with many Asian markets closed for public holidays and United States futures seeing little movement.
Following the Suez Canal debacle, oil was the only commodity with noticeable energy as a decision from OPEC+ countries to increase supply put pressure on prices.
With a lack of momentum available, Bitcoin, therefore, had little to sustain any macro-influenced price run, and $60,000 resistance remained in place at the time of writing.
One major event that crypto analysts are eagerly waiting for, however, is Coinbase’s initial public offering, set for April 14.
As Cointelegraph reported, the event is a milestone for the industry but could be accompanied by selling on launch day — a practice seen with other IPOs both old and new.
Elsewhere, U.S. bond yield rises remained a worry this week, with their upward trajectory coinciding with a lack of progress for safe havens more widely.
“The repricing of inflation risk and U.S. rates, which will impact discount rates of future earnings and the way stocks are being valued is a source of uncertainty,” Johanna Chua, chief economist for Citigroup Global Markets, told Bloomberg.