5 things shaping Bitcoin price action this week

Bitcoin (BTC) starts the week pushing for $11,000 as ranging behavior continues, but futures gap danger remains.

Cointelegraph takes a look at five factors that could shape Bitcoin price action in the coming week.

Trump tax files see $11,000 BTC price bounce

Sunday provided an unexpected boost to Bitcoin after a week of lackluster price performance. This was thanks to an investigation into United States’ President Donald Trump’s tax records, the results of which were published by the New York Times.

The details include just $750 in tax paid by Trump in his election-year 2016, while no further links to Russia — a major source of contention at the time.

Nonetheless, the publication could have implications for Trump’s chances in the run-up to this year’s election, and markets will be keenly watching for fresh turbulence.

Trump himself had fought long and hard to keep his tax records secret.

“It’s totally fake news; made-up, fake,” he responded during a White House press conference.

BTC/USD climbed towards $11,000 on Sunday, nonetheless hitting resistance at around $10,950 to return to press-time levels just under $10,900.

That marks the upper end of the cryptocurrency’s weekly range, which has failed to produce either a breakout or breakdown outside the zone between $10,000 and $11,000.

BTC/USD 7-day chart

BTC/USD 7-day chart. Source: Coin360

Bitcoin has been above $10,000 longer than ever

Despite not making progress beyond $11,000, however, Bitcoin is still proving bulls right this month.

As noted by various analysts on Sunday, BTC/USD has now spent longer trading above $10,000 than ever before — 64 days on Monday.

Anthony Pompliano, the co-founder of Morgan Creek Digital, summarized the mood to cryptocurrency skeptics

“Bitcoin has spent a record 63 straight days above $10,000 and is only showing signs of going higher,” part of a tweet reads.

“The market is proving your bearishness wrong. There is always time to capitulate & join the party.”

Others believe that…

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