In the cryptocurrency market, Bitcoin has always been the focus of much attention. In the coming days, the performance of Bitcoin prices will be affected by many factors. Let's take a deep look at these five key factors to reveal the future market trend.

First, the impact of market sentiment on Bitcoin prices cannot be underestimated. Investor sentiment fluctuations often lead to market price fluctuations. As a high-risk asset, Bitcoin's price is greatly affected by emotions. For example, the surge and plunge in Bitcoin prices last year was closely related to the fluctuations in market sentiment. Investors' panic or greed may trigger fluctuations in Bitcoin prices, thereby affecting price performance in the next few days.

Second, the macroeconomic environment is also one of the important factors affecting Bitcoin prices. Uncertainty in the global economic situation and adjustments in monetary policy may affect Bitcoin prices. For example, the recent increase in the US inflation rate and rising expectations of interest rate hikes may have an impact on Bitcoin prices. Investors need to pay attention to changes in the global economic situation in order to adjust their investment strategies in a timely manner.

The fourth factor is the impact of regulatory policies. Various countries are constantly adjusting their regulatory policies on cryptocurrencies, which will also have an impact on Bitcoin prices. For example, China has recently taken a series of regulatory measures on Bitcoin exchanges, resulting in fluctuations in Bitcoin prices. Investors need to pay attention to changes in regulatory policies in various countries and adjust their investment strategies in a timely manner.

Finally, the impact of global events cannot be ignored. Geopolitical risks and major events may have an impact on Bitcoin prices. As a safe-haven asset, Bitcoin's price is often affected by global events. For example, the recent tense situation in Russia and Ukraine, and the sharp fluctuations in global stock markets, have also triggered fluctuations in Bitcoin prices. Investors need to pay attention to the development of global events and adjust their investment strategies in a timely manner.

In summary, the performance of Bitcoin prices in the next few days will be affected by market sentiment, macroeconomic environment, technical aspects, regulatory policies and global events. Investors need to consider these factors comprehensively and formulate reasonable investment strategies in order to respond steadily to market fluctuations. The future trend of Bitcoin prices is full of uncertainty. Only by responding cautiously can we seize investment opportunities and realize wealth appreciation.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

The stability of the stock market provides the backdrop for Bitcoin’s calm status quo, but upcoming events could soon change the mood. Bitcoin (BTC) begins the new week trading at a familiar price of less than $10,000. Will it remain at this level or will it fluctuate?

Cointelegraph Markets’ weekly newsletter provides five factors that could affect Bitcoin’s price performance in the coming days.

Stock Market Rebounds from Coronavirus Fears

The start of this week is in stark contrast to last Monday. Fears of the coronavirus have receded, and with it the volatility in the stock market. The overall situation for stock futures remains uncertain, but more stable than it was seven days ago.

As a result, Bitcoin has been able to avoid sudden volatility over the weekend and continues to fluctuate in a limited range between $9,200 and $9,500. $9,500 has been the focus of BTC/USD for several weeks and has proved to be a difficult resistance to overcome.

Cointelegraph noted in our previous newsletter that despite signs that Bitcoin has “decoupled” from the macro market since March, the broad correlation still exists. The study further found that historically, BTC/USD has been highly correlated with the S&P 500.

Bitcoin vs. S&P 500 3-month chart Source: Skew

Bitcoin difficulty and stable hashrate

Another difference lies in Bitcoin’s network fundamentals, with miners last week preparing for the largest upward difficulty adjustment in two and a half years. Things are much calmer this time around, with the next adjustment currently set at 5.6% in nine days.

Bitcoin 7-day average difficulty 2-month chart Source: Blockchain

Similarly, Bitcoin’s mining hashrate has leveled off in recent days, remaining at an average of 105 EH/s after reaching 111 EH/s following the adjustment.

Data shows that since the block reward halving in May, more hashrate has been added to the Bitcoin network than at any time since the start of the 2017 bull run.

A large number of BTC options are set to expire

This Friday is a critical moment for Bitcoin derivatives. As Cointelegraph reported, nearly $1 billion in options are set to expire on June 26.

Such events tend to immediately impact Bitcoin price sentiment. This time around, the prevailing sentiment seems bullish, with the majority of options being “call” options and prices concentrated around the $10,000 mark.

Meanwhile, the volume in the Bitcoin futures market has barely trended upward in recent days, while open interest has similarly stagnated.

Due to the lack of volatility in Bitcoin prices, futures have avoided a “gap” over the weekend, where BTC/USD tends to rise or fall to “fill” a gap if the market opens at a different place than where it closed on Friday.

Bitcoin futures 3-day chart shows no gaps Source: TradingView

Exchange reserves resume downward trend

The number of Bitcoins on exchanges surged after the halving and is now back on a downward trend.

According to on-chain monitoring resource CryptoQuant, exchange reserves are now back to a nearly two-year low.

Traders pulling funds out of exchanges is a sign of their desire to hold short-term rather than being ready to sell in case of volatility.

As of June 21, exchange wallets held 2.35 million Bitcoins. By comparison, on March 13, when BTC/USD fell to $3,600, exchange reserves hit a new high of 2.73 million Bitcoin.

Exchange Bitcoin Reserves 1-Year Chart Source: CQ.Live

Neither Fear nor Interest?

On the topic of traders, it seems that even their sentiment is showing signs of a U-turn - from bearish to neutral or better.

According to the latest reading of the Crypto Fear and Greed Index, trader sentiment is showing signs of rebounding after flashing "fear" in the past week.

This is a chart from 0 to 100, and the index takes into account multiple factors to determine whether traders are bullish or bearish.

Monday's reading was 38/100. 1 higher than the weekend. Since the Bitcoin halving, the most optimistic score of the index has been 56. And the lowest score is 37.

Global Interest in Searches for "Bitcoin" 3-month Chart Source: Google Trends

Meanwhile, data from "Google Trends" shows that people's overall interest in Bitcoin is currently at its lowest level since the March crash. This was already evident late last month as the halving faded from public focus.

The third factor is the impact of the technical side. As a technology-driven asset, Bitcoin's price performance is closely related to technological development. Bitcoin's trading volume, computing power, and innovations in blockchain technology may all affect Bitcoin price fluctuations. For example, the recent fluctuations in Bitcoin's computing power have led to transaction congestion, which in turn affects price fluctuations. Therefore, investors need to pay close attention to changes in Bitcoin's technical aspects in order to seize opportunities for price fluctuations.