Bitcoin Flat After Bad Week. What’s Next?

The price-tag of Bitcoin (BTC) remained somewhat flat near the $27k mark after sustaining a 10% slash in its value the previous week.

BTC was driven down by growing pessimism among investors and traders as they await crucial data from the United States Federal Reserve encapsulating the nation’s gross domestic product, jobless claims and personal consumption.

Macro data has been a key factor in the valuation of Bitcoin ever since its emergence and currently, Bitcoin remains quite correlated with U.S. equities towards the end of April, and concerns that crypto and major indices will fail to register new highs continue to loom on traders.

The OG coin may however witness some growth as volatility capitalists may pounce on Bitcoin when it trades somewhat sideways, as they are typically followed by sharp movements; it remains quite uncertain whether such movements will head upwards or downwards.

Sources:

https://cointelegraph.com/news/bitcoin-price-flatlines-near-27k-what-can-trigger-the-next-move

https://coinmarketcap.com/currencies/bitcoin/