Bitcoin started the week stable and without much volatility, mirroring its performance over the weekend. The lack of activity in the US markets, owing to a holiday, further ensured minimal movement in the Exchange-Traded Fund (ETF) channel, setting a tone of shallow fluctuations for the day. With Bitcoin (BTC) lingering at crucial levels, market participants are keen to identify the critical price points to watch.
What Are the Key Levels for Bitcoin?
The past week witnessed Bitcoin touching the $72,000 mark, spurred by a favorable shift in the U.S. Securities and Exchange Commission’s (SEC) approach towards cryptocurrencies and a pro-crypto vote in the House of Representatives. Despite this surge, Bitcoin couldn’t sustain its position, as macroeconomic concerns, underscored by service PMI data, tempered investor enthusiasm.
In the coming days, altcoins might experience notable gains alongside Bitcoin and Ethereum (ETH). The ambiguity surrounding Ethereum’s launch date has opened a short-term opportunity window for investors. A sudden uptick in ETH-related assets is plausible until the S-1 Form approvals are finalized, adding a layer of unpredictability to the market.
Will Economic Data Impact Crypto?
This week’s upcoming GDP and Consumption data from the US could introduce unexpected volatility in the crypto market. Previous growth figures have been disappointing, and inflation remains stubborn. These economic indicators will be closely watched by market participants, potentially driving significant movements in crypto prices.
Important Considerations for Investors
– Monitor Bitcoin’s ability to close above $73,777 for a potential breakout.
– Significant price movements in ETH-related cryptocurrencies are expected during the S-1 Form approval period.
– US economic data releases, including GDP and Consumption reports, could cause market fluctuations.
– The rivalry between GBTC and IBIT ETFs is crucial, with both nearing the $20 billion asset mark.
The leading cryptocurrency recently rebounded from $66,814, maintaining strength at the 20-day Exponential Moving Average (EMA). This recovery sparked a rise to $70,000, though BTC failed to hold higher levels. Bulls are persistently targeting the all-time high (ATH) of $73,777.
A major breakout is anticipated if Bitcoin achieves consistent closures above this level. Historical trends suggest continued upward momentum until early 2025 if BTC surpasses its ATH. Should the resistance at the ATH be broken, the next target ranges between $80,000 and $84,000. Conversely, successful seller actions could see Bitcoin dip to $64,600, putting pressure on bulls to keep pushing above $70,000. The competition between GBTC and IBIT ETFs, both nearing $20 billion in assets, remains a key event this week.