Bitcoin (BTC) has spent an unbeatable week setting new records of $ 28,400 and staying on top – what’s next.

When the market returns to digest a wild Christmas, Cointelegraph reveals five factors that will help change the trend in Bitcoin prices this week.

Gold rises when Trump signals Bullish Motivation
Markets escaped the nightmare this week after US President Donald Trump agreed to sign a $ 900 billion bill from Congress to stimulate the spread of coronavirus.

This package is designed to add a large amount of debt to the Federal Reserve, and includes various incentives for companies, but stops giving Americans the same level of direct financial support that we saw in March.

Trump said the low direct payout for the second incentive – $ 600 against $ 1,200 last time – means he can’t handle it, but he changed his mind later.

Thus, the markets started the new week positively, with a small rally in S&P 500 futures before the Wall Street opening.

Meanwhile, gold is back in vogue as data shows that precious metal is now on track for its biggest gain in a decade.

At the end of November, XAU / USD increased $ 111, or 6.25%.

XAU / USD daily candlestick chart. Source: TradingView
“As the real president of Donald Trump, he vetoed only nine bills, the smallest number since Warren Harding, who served only two years, from 1921 to 1923,” tweeted Peter Schiff and the infamous Bitcoin opponent Peter Schiff, signing law.

Not even since Chester Arthur (1881-1885) vetoed fewer laws throughout his tenure. You can not empty the swamp by making it deeper. ”
Upcoming Rules for Mainstream Bitcoin
Sources warn that after gaining a new tone with a wider audience over Christmas and breaking record highs, Bitcoin may soon have to face music with its establishment.

With a price tag of $ 28,400, surpassing monthly gains of 55%, Bitcoin is now under the control of the law as it grows in popularity. Even for his supporters, the coming year can be challenging.

They say outgoing Finance Minister Steven Mnuchin made his mark in an attempt to introduce new laws for the non-prison governor, and his replacement, Janet Yellen, is unlikely to improve.

“Overall, I think we’re in trouble with the Democrats – they would have preferred more regulation and oversight,” Meltem Demirors, CoinShares’ digital asset strategy director, told Bloomberg on Sunday.

“I’m a little worried about where things are going.”
As always in the United States, a patchwork of political loyalty means that any attack can be mitigated by the presence of cryptocurrency-friendly people elsewhere. The new president of the Securities and Exchange Commission (SEC) Elad Roisman is a fan of hers.

Denial of Bitcoin at $ 28,400 “very cool” analyst
By focusing on the last place in the bitcoin market, Monday will be a tough test for the bulls given the momentum we saw this weekend.

After reaching a full-time high of $ 28,400 on Sunday, Bitcoin experienced a pullback that many had already expected.

“Bitcoin is undergoing a very healthy correction since it went quite vertically. Right now, there may be an intermediate maximum, “summed up Michael Van de Pope, an analyst at Cointelegraph Markets on social media.

“What’s next? Stay sideways, less volatility. Let the rest of the markets pick up. BTC $ pairs are doing well.”

BTC / USD hour candlestick chart. Source: TradingView
Van de Poppe is considering the possibility that altcoins may start to react to Bitcoin’s recent glory, and claims that signs are already starting to appear when the “alt season” is about to hit.

After #Bitcoin has completed the race (which is quite vertical), money will flow into major capitals. And then towards the midfielders and the smaller caps.

“Alternative currencies have not died, the flow of funds has been the same.”
While some popular altcoins do not work well compared to BTC, they still offer large dollar returns, with market leader Ether (ETH) trading above $ 700 for the first time since May 2018. Compared to the low of $ 113 in March, ETH / USD. now by 530%.

ETH and BTC performance relative to annual USD return. Source: data on digital assets.
Register Gap of Bitcoin Futures
Bitcoin is struggling with the biggest “gap” ever that has appeared in the futures markets this week.

Source: CoinTelegraph

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