Cryptocurrency trading

Bitcoin Surging To $60k: Can It Sustain? Important Factors to Analyze in BTC This Week

The inflows are increased in the direction of the exchanges due to the pair of BTC/USD dropping its price below $58k. Can the pundits speculate what’s next? BTC started the new week with a very high value close to its record price highs, but the real question is that can Bitcoin maintain these high price levels for a long time in the future?

The weekend was an absolute success for Bitcoin and its enthusiasts, but the start of a new week has sent a lot of mixed signals in the market as Wall Street opens. There are some major factors that may be very influential in deciding the fate of the BTC/USD pair in the upcoming days.

China’s Unbelievable Growth Compared to Non-Performing Stocks

The macro market is in a very confusing state as the bond yields are looking to be very dangerous for the future of the United States, while the situation in Asia is also not doing very well in the economic aspect. China has reported an almost inconceivable amount of growth in the starting months of this year.

The reports by Bloomberg suggest that it is a lot easier to analyze the data this year because it can be compared to the data from the last year. At this point in time last year, China was experiencing its first lockdown due to the Covid 19 pandemic. However, the retail sales and industrial outputs have crossed their targets of 32% by crossing the mark of 35% and 33.8%.

The global economy is predicted to be better by the end of this year, according to the experts, as the Covid 19 pandemic eases out.

The United States Rolls Out Stimulus Checks

For the retail investors of the United States, the most pressing issue in the short term is the stimulus checks being issued by the US government to the public.

After the legislative approval of the stimulus plan of $19 trillion by US President Joe Biden, the government is sending out a $1400 check directly through the mail, and people are calling it the free promotion of Bitcoin.

The main reason for the price fall of BTC is the selling pressure of Bitcoin after it reached its all-time high.