- Bitcoin starts another week as market players still contemplate the recent massive crash that had the leading crypto exploring the $4200 level at some point.
- Though Bitcoin registered a modest recovery, it now faces multiple obstacles in BTC’s full-recovery attempts. The first challenge for BTC bulls is at $50,000.
- Market players appear confused for now, while analysts are about to admit Q4 2021 will not produce their anticipated massive outcomes for the crypto space.
Also, investors remain concerned as they may witness another steep BTC dip before the recovery happens. What does the crypto market have during 2021’s last weeks? CoinTelegraph highlights some of the things BTC enthusiasts need to watch this week.
Preparing a Bullish Q1 2022?
After BTC-USD neared $50,000 early on the weekend, it retraced to levels under $48,000. That way, BTC remained 16% low over the last seven days.
Against the $69,000 loss, the latest crash has BTC moving 39% away. Though a massive fall, it isn’t record-breaking as far as BTC moves are concerned.
As near-term price forecasts fade, attention turns to the 2022 revival. A cryptocurrency analyst William Clemente shared his prediction on a Twitter discussion, hoping that BTC will consolidate till year-end. With that, the coin will erase negative funding rates before a bullish Q1 2022.
The price recovery sustainability will depend on derivatives markets following their sharp liquidations.
New CPI Stats, Inflation Distress
The global market is on a sharp edge already. However, this week might add somewhat known fuel to this fire. That is the CPI (Consumer price index) data.
Due to November, US CPI metrics may even outstrip even the shocking 6.2% YOY readings of October.
Financial commentator and Lyn Alden Investment Strategy founder Lyn Alden noted the economists’ progress. She added that a lagging indicator, ‘housing’ absence, unlike last month, is a factor for the results.
Remember, inflation had already hit the financial headlines last week after Fed chair Jerome Powell revealed statements about the ‘tapering’ process.
BTC reacted immediately and now bulls eye the new Consumer Price Index data, hoping for an October–like response.
Stay tuned for updated cryptocurrency news.