The leading cryptocurrency Bitcoin and the cryptocurrency market in general saw a serious rise on the first day of the week. Despite this, the whole cryptocurrency market fell into a deep silence, except for a few DeFi projects later in the week. Today, the market activated by Ethereum has also lifted Bitcoin from its sleep.
Actually, Bitcoin has been painting a similar image for the past 3 weeks. Although the BTC / USD trading pair, which started on the first day of the week , fell towards Friday, it comes to the agenda with a sharp rise again at the weekend. Even though the bitcoin price tested $ 12,000 a few days ago, it fell back to $ 11,500. BTC, which climbed above $ 11,800 according to press time, could repeat the same move this weekend and test $ 12,000 or break this resistance.
Things to Consider for Bitcoin Price
There are several ways to anticipate the movement Bitcoin will exhibit over the weekend. The first of these is known as the correlation between Gold and Bitcoin. Although ONS Gold fell, especially with the news of vaccines from Russia, concerns about the vaccine recovered Gold prices. This is reflected in the BTC chart and may reflect the rise in the BTC weekend Gold price on its chart.
Another important clue is seen as the mobility of altcoins. In the last 3 days, many altcoins have risen significantly, and this may gradually begin to benefit BTC. The market usually moves in bullish cycles, and BTC will come as altcoins come to an end.
Nevertheless, nothing should be taken for granted in the cryptocurrency market and the Bitcoin chart. However, if BTC closes above $ 12,000 in a short period of time, it could result in a sudden FOMO.