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Bitfinex expects news-driven Bitcoin gains, but warns of potential selling pressure

bitfinex-expects-news-driven-bitcoin-gains-but-warns-of-potential-selling-pressure
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Bitfinex expects news-driven Bitcoin gains, but warns of potential selling pressure

Bitcoinโ€™s start to the week saw it climb above $63,000, but analysts at Bitfinex warn that the market may be facing a retrace as the week progresses.

BTC is up 5% over the past 24 hours and by 13% over the past week. These gains have come amid a confluence of factors, including German governmentโ€™s BTC sell-off ending and upbeat sentiment around former U.S President Donald Trump. Bitcoin price broke above its 125-day range low around $60,200 over the weekend after reaching lows of $53,500 earlier in the week.

However, while the bounce could yet extend, analysts at Bitfinex suggest traders may have to wait for decisive moves.

Sharing their insights via this weekโ€™s issue of Bitfinex Alpha, the analysts said Bitcoinโ€™s latest rebound above the $60k level could yet mirror previous weeks. This is where a retracement has ensued after a weekend mini-rally that proved short-lived by around mid-week.

News agenda driving market, not fundamentals

The Bitcoin Fear & Greed Index has moved from fear to neutral as sentiment improves after the recent sell-off. Supply concerns have seemingly faded, and the market has readjusted to new developments since Saturday.

โ€œThis shift in sentiment highlights the marketโ€™s capacity to quickly integrate new information and adjust expectations accordingly, however we believe it is still important to focus on the marketโ€™s reaction over the first two trading days of the week,โ€ the analysts wrote.

Apart from the area around $60,200 being key as a potential support level, it could also flip into a resistance zone. If bulls resolve higher decisively, BTC could retest recent resistance levels near the $70k level. A dip, however, would welcome new downside pressure โ€“ particularly if selling re-emerges.

Weekend relief, or new sustained rally?

According to Bitfinex analysts, weekends have provided relief for bulls over the past couple of months. However, bears have managed to resurface around mid-week for the past eight weeks, going back to June 8, when prices last hovered around $70,000.

The โ€œnews agendaโ€ may therefore dictate the market movement in the short term. But traders might want to factor in the potential for fresh hurdles, with Mt. Gox creditors one to watch.