Bitcoin Faces Volatility Ahead as Traders Eye Key Support Levels Amid Upcoming US Macro Data
The post Bitcoin Faces Volatility Ahead as Traders Eye Key Support Levels Amid Upcoming US Macro Data appeared on BitcoinEthereumNews.com. As Bitcoin (BTC) faces a pivotal week ahead, macroeconomic data releases could catalyze significant price volatility, with traders eyeing support levels closely. With Bitcoin recently retesting $92,000 as support, speculation abounds regarding a deeper price correction and potential implications for traders’ strategies. “Markets face crucial macro data this week, with the Fed’s decisions under scrutiny,” said an analyst at COINOTAG. Bitcoin Readying for a Key Support Retest As the week commences, Bitcoin is hovering near multi-month highs after closing just above the key yearly open level of $93,500. This bullish close has traders optimistic about future price movements, yet caution prevails surrounding potential corrections. Popular trader CrypNuevo noted, “I don’t see momentum rolling over just yet; a third leg up to $97,000 could be possible where liquidity is present.” The 50-period EMA on 4-hour charts, currently at $91,850, serves as a critical support level to monitor. US Macroeconomic Data: A Crucial Week Ahead The upcoming week holds vital macroeconomic data, including Q1 GDP and the Personal Consumption Expenditures (PCE) index, essential for gauging inflation trends. Both figures are expected to indicate the Federal Reserve’s strategy amid rising pressures on interest rates. A report from The Kobeissi Letter revealed that volatility in the S&P 500 has surged to unprecedented levels, indicating the tumultuous nature of current markets. Long-term Price Predictions: Optimism Ahead Hedge fund founder Dan Tapiero has made a bold prediction for Bitcoin’s future price trajectory, forecasting a rise to $180,000 within the next 18 months. “BTC’s journey towards this target will depend on liquidity and Fed policy shifts,” Tapiero asserted. The influence of interest rate cuts anticipated later in the year could offer a favorable environment for Bitcoin’s growth, according to market analysts who believe this aligns with current M2 money supply trends. Short-term Holding Trends: Analyzing Market Sentiment…
The post Bitcoin Faces Volatility Ahead as Traders Eye Key Support Levels Amid Upcoming US Macro Data appeared on BitcoinEthereumNews.com.
As Bitcoin (BTC) faces a pivotal week ahead, macroeconomic data releases could catalyze significant price volatility, with traders eyeing support levels closely. With Bitcoin recently retesting $92,000 as support, speculation abounds regarding a deeper price correction and potential implications for traders’ strategies. “Markets face crucial macro data this week, with the Fed’s decisions under scrutiny,” said an analyst at COINOTAG. Bitcoin Readying for a Key Support Retest As the week commences, Bitcoin is hovering near multi-month highs after closing just above the key yearly open level of $93,500. This bullish close has traders optimistic about future price movements, yet caution prevails surrounding potential corrections. Popular trader CrypNuevo noted, “I don’t see momentum rolling over just yet; a third leg up to $97,000 could be possible where liquidity is present.” The 50-period EMA on 4-hour charts, currently at $91,850, serves as a critical support level to monitor. US Macroeconomic Data: A Crucial Week Ahead The upcoming week holds vital macroeconomic data, including Q1 GDP and the Personal Consumption Expenditures (PCE) index, essential for gauging inflation trends. Both figures are expected to indicate the Federal Reserve’s strategy amid rising pressures on interest rates. A report from The Kobeissi Letter revealed that volatility in the S&P 500 has surged to unprecedented levels, indicating the tumultuous nature of current markets. Long-term Price Predictions: Optimism Ahead Hedge fund founder Dan Tapiero has made a bold prediction for Bitcoin’s future price trajectory, forecasting a rise to $180,000 within the next 18 months. “BTC’s journey towards this target will depend on liquidity and Fed policy shifts,” Tapiero asserted. The influence of interest rate cuts anticipated later in the year could offer a favorable environment for Bitcoin’s growth, according to market analysts who believe this aligns with current M2 money supply trends. Short-term Holding Trends: Analyzing Market Sentiment…
What's Your Reaction?
