Bitcoin holds $20K while flirting with a neutral futures premium for the first time in 6 months
Global and U.S. economic data and a few BTC derivatives-related metrics could determine whether Bitcoin retests the $20,000 level in the short-term. After 66 agonizing days, Bitcoin (BTC) price finally broke above the $20,000 psychological resistance on Jan. 14. At the same time, the current $400 billion market capitalization gives BTC a position in the top-20 global tradable assets, surpassing giants like Walmart (WMT), Mastercard (MA) and Meta Platforms (META). From one side, Bitcoin bulls have reasons to celebrate after its price recovered 34% from the $15,500 low on Nov. 21, but bears still have the upper hand on a larger time frame since BTC is down 52% in 12 months. However, two events are expected to determine traditional finance investors' fate. On Jan. 16, China will announce its Gross Domestic Product figures and on Jan. 18, the United States Retail Sales will publish. Fourth quarter earnings season will set the tone for this week's stock market performances, includ...