Bitcoin Adds Almost a 10% in a Week

"Bitcoin has risen by almost 10% over the last week and records a daily drop of 3% that has not yet affected the overall positive dynamic of its price. The peak of the asset's growth has been $45,000, the level at which the corrective pressure has started. The last stage of growth in the price of the benchmark crypto has coincided with high trading volumes. However, the beginning of the workweek could be challenging for the bulls.

Institutional investors may negatively affect the currency. Monthly outflows on cryptocurrency exchanges have risen to 100,000 BTC, which, combined with a very positive end of the week, convinces investors of the possibility of further growth. Santiment has pointed to an increase in the growth of Bitcoin address activity. The analyst company believes this is indicative of bullish sentiment in the market. The hashrate in the Bitcoin network is gradually recovering, which also affects the overall market sentiment.

In general, we should be wary of the current dynamic, as continued growth may convince most participants of the possibility of a new strong growth stage, although in fact the mood among large asset owners may not be so optimistic, which will eventually result in serious selling at higher prices.

From a regulatory standpoint, in the near future we may see further statements in the US about the desire to 'tighten the screws' and maximize loss transparency to increase tax revenues. Huge US government expenditures to support the economy in the context of the epidemic could partially fall on the shoulders of crypto owners."