A 'local top' and $88K retest? 5 things to know in Bitcoin this week
Bitcoin is facing significant market volatility as it retests $92,000 following a positive weekly close. While traders anticipate a deeper correction, bullish sentiments remain given the potential for Bitcoin (BTC) to reach $180,000 within the next eighteen months. Short-term holders are currently profitable, indicating current price levels are crucial for speculative investors. The upcoming week features major US economic data, including the Personal Consumption Expenditures (PCE) index and Q1 GDP, which may influence market behavior. Concerns about the Federal Reserve's interest rate policies highlight the market's indecision, with price forecasts suggesting a potential upcoming support retest at $88,000. Bitcoin's cost basis for short-term holders sits at around $92,000, marking a key level for sustaining a bull market. Meanwhile, increasing market greed signals possible price tops. Overall, the balance between the positive macro outlook and the potential for market corrections creates an uncertain trading environment for Bitcoin enthusiasts.
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