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19 April 2021

The big $60K hodl is on: 5 things to watch in Bitcoin this week

The big $60K hodl is on: 5 things to watch in Bitcoin this week

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5 things to watch in Bitcoin this week?

Bitcoin (BTC) is looking shaky at the start of a new week as $60,000 remains out of reach — could anything change in the coming days.

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.

bond yield rises remained a worry this week with their upward trajectory coinciding with a lack of progress for safe havens more widely.

Such an early position in the bull cycle implies that the majority of upward price performance is yet to come for Bitcoin, something which would give credence to some of the higher year-end forecasts — $288,000 and more.

With open interest in Bitcoin futures markets near all-time highs, institution-grade products continue to see huge demand — albeit if the price is right.

As such, the first licensed Bitcoin exchange-traded fund (ETF) in Canada, the Purpose Bitcoin ETF, keeps adding BTC in step with its assets under management (AUM).

In a battle over fees, GBTC may be losing interest to the more economical Purpose, which is one of multiple Bitcoin offerings undercutting the company on its management costs to clients.

An accompanying chart showed BTC/USD spot price following its predicted trajectory, with no sign that the model was being invalidated by short-term rumination below $60,000.

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