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10 May 2021

BTC price nears $60K showdown: 5 things to watch in Bitcoin this week

BTC price nears $60K showdown: 5 things to watch in Bitcoin this week

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5 things to watch in Bitcoin this week.

This turned on its head overnight on Sunday, however, and now BTC/USD is back fighting resistance near $60,000.

Cointelegraph takes a look at what the coming days might have in store for Bitcoin price action with five factors that could help shape it.

Just a week after recovering from its dip to near $46,000, BTC price action is now making good on its further gains late last week.

On-chain monitoring resource glassnode meanwhile saw strength in the decreasing network value to transaction ratio (NVT) on Ethereum, this corresponding to organic trade volume fuelling price gains.

“As $ETH price reaches over $3,000 setting a new ATH, the NVT Ratio is driven back down towards this cycles lows,” the firm commented on an accompanying chart.

Back on Bitcoin, and it’s network fundamentals which are still playing catch-up after seeing something of a “reset” over the past few weeks.

With that out of the way, however, the door is open for returning mining hash rate to up competition and return difficulty to positive, not negative, adjustments.

That’s according to the ever-popular Crypto Fear & Greed Index, which on Monday is back in “greed” territory after more than doubling since late last week.

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