Bitcoin (BTC) starts a new week on familiar territory – major support is back, but bulls have yet to break through. Could that change anytime soon?

After bouncing from $ 33,000 on Friday, BTC / USD has maintained the trading corridor it had before last week’s brief volatility.

This resulted in a drop to $ 32,000 due to the sudden accumulation of short positions on the Bitfinex exchange.

The impact was temporary, however, and Bitstamp hit a high of $ 34,600 over the weekend.

Cointelegraph points out five factors to consider when considering what Bitcoin could do next.

Stocks explode when the USD hits the classic resistance cổ. meets

With stocks rebounding as usual, there seems to be little or no conflict that could pose an issue for crypto returns.

While analysts are increasingly warning of a future pullback, sentiment in the stock market has remained stable this week.

Simon Ballard, chief economist at First Abu Dhabi Bank, told Bloomberg, “There seems to be a complacency that Goldilocks not only lives well, but is getting stronger every day.

“Unfortunately, it must be recognized that the longer the rate stays there, the more violent and acute the response, the more we are moving towards a gradual decline.”

However, the US dollar can provide further clues.

Looking at the US Dollar Currency Index (DXY), which measures the strength of the USD against a basket of 20 trading partner currencies, the picture shows that some known resistance levels are back in action.

Late last week, an analyst argued that DXY would need to rise from the current 92.2 levels to around 94 to see major resistance there that will boost Bitcoin.

However, on Monday, DXY is still recovering from the weekend’s losses and is also battling an area that has kept it under control in the past.

The negative correlation between Bitcoin and DXY has also been scrutinized lately, as BTC is increasingly going its own way in the macro environment.

Bitcoin price of “doing all the right things”

Looking at the spot market, traders are optimistic that the prospect of $ 33,000 back and after a brief pullback last week holds.

After the “confirmation” of the level, the trader and analyst Rekt Capital said on Sunday, BTC / USD is again at the lower end of an established range.

“BTC is breaking back above the orange trend line,” he said in a follow-up To update along with a graphic showing the current landscape.

“$ BTC is doing everything right to win back this trendline as support. Retrieving the trendline as support would be a big step forward in the challenge of breaking out of that blue wedge structure. “

Monday continued the trend, with Bitcoin trading at around $ 34,350 at press time.

“Bitcoin is trying to bounce back and close with a long pullback over 34,000 for the 8th straight week. The demand is still very high, ”says commercial colleague Scott Melker More.

Last week the targets for Bitcoin were up to $ 39,000 if the bulls managed to attack the $ 35,500 resistance and move on, which in this case didn’t.

The basics for maintaining your return on investment

If last week’s price action disappoints, then Bitcoin has made a more significant turn.

Monday’s Resource Monitor data shows that both the network difficulty and hash rate are stabilizing and the worst of the recent mining chaos may be over.

After a record drop in early July, the previous difficulty level tended to even surpass its most recent feat, dropping a further 28% or so.

However, recovery set in during the intervention period. Now the next difficulty correction will only decrease 10% if price action stays near the current level.

“Blocks are coming at a breakneck pace – the next difficulty adjustment is currently estimated at ~ -7.5%, but to me it looks like the hash rate is coming back pretty quickly right now,” the developer said Summary right day.

The changes testify to the power of the Bitcoin network to balance itself out without outside support – in each case the difficulty is adjusted to any given situation.

The estimated hash rate has remained modestly above the recent low of 83 exahashes per second (EH / s), but stability and a speed back to normal are still visible here.

As Cointelegraph reported, both indices are expected to generate new returns as mining power returns to Bitcoin after moving out of China. Conversely, the time frame in which this happens is everyone’s guess.

Grayscale opens 40,000 BTC

One event that is on the radar of every Bitcoin market participant this month is the multiple activation of BTC at the institutional giant Grayscale.

As Cointelegraph stated, the Grayscale Bitcoin Fund (GBTC) will be issuing more than 40,000 BTC in the coming weeks, which is already subject to a six-month lock-up period.

Opinions differ about the effects on the market. Some fear that selling pressures will increase (only going to practically zero after the unlock is complete) while others argue that the spot market will not be badly affected.

July 18 is of particular interest as the activation value on this day is just over 16,000 BTC.

“When GBTC shares are unlocked and sold, GBTC Premium falls (the share price falls against BTC in the trust),” statistician Willy Woo commented last week.

“Investors now have more incentives for GBTC shares than for BTC, which eases the buying pressure on the BTC spot market somewhat. This is a downward trend. “

Price index rises near the “start zone”

Do you need reliable “Hopium” for the coming week? Bitcoin market analysis has the answer.

On Monday, attention turned to a nifty indicator from the on-chain data service CryptoQuant, which has captured every major BTC price wave over the past two years.

Known as the Taker Buy / Sell Ratio / Volume, it tracks stock market data to provide guidance on when to HODL and when to have a good profit-taking opportunity in the local market cycle.

At the moment, Ratio seems to be predicting another BTC / USD rally leading to the classic take profit point.

Analyst Cole Garner even emphasize what to expect if history repeats itself. However, he stated that the trigger phase – when the rate reaches the upper green channel – “does not have to happen yet”.

“Buy incoming signal,” he commented.