Bitcoin forecast for the week

Bitcoin forecast for the week

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Author: Robert Strickland (crypto expert)
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"Here’s what could happen to bitcoin this week Expert Vladislav Antonov shared his forecast for the bitcoin price for the week of May 8 to 14 The analyst examined the market conditions and explained how they might change in the near future

On Sunday, May 7, bitcoin is trading at $28.9 thousand, losing 1% of its value in the last week. The specialist looked at the market trends and assessed the chances of Bitcoin moving in either direction in the next seven days.

“Buyers need to break it.” BitRiver financial analyst

Bitcoin had a rough start to the week when weak Chinese data and a drop in the S&P500 index pushed the BTC/USDt pair down to $27,666. It seemed that things would get worse, but from May 2, a recovery phase began thanks to the dollar index decline and support from U.S. Treasury Secretary Janet Yellen. Bitcoin climbed to $28,879.

However, there is still a risk for the U.S. economy: if Congress does not agree to raise the national debt limit, the government will not be able to borrow more money and could face a serious crisis. Since 1980, the U.S. government has shut down several times due to the failure to raise the national debt limit, including shutdowns in 1990, 1995-1996, 2013, and 2018-2019. Democrats and Republicans don’t seem too concerned about this.

After the release of data on the U.S. labor market on May 4, the BTC/USDt pair reached $29,677. However, investors are still cautious as buying activity in cryptocurrency remained low.

Meanwhile, news emerged that the U.S. Department of Justice launched an investigation into Binance for possible violations of anti-Russian sanctions. Binance representatives, on their part, said that the company follows all U.S. and international financial sanctions.

The scenario of sideways movement continues."

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