The Bitcoin price has been flirting around the $69,500 level recently as it awaits key economic data ahead of this week. Furthermore, starting today, the Bitcoin ETN products will be available on the London Stock Exchange for trading.
Key Macro Data Release This Week
This week, investors are bracing for a slew of macroeconomic events and data releases, including several key U.S. economic indicators and interest rate decisions from major central banks worldwide. The United States is set to unveil the March Consumer Price Index (CPI) on April 10, followed by the release of the March Federal Open Market Committee (FOMC) minutes on April 11. There’s a high likelihood, estimated at 93.3%, that the FOMC will maintain interest rates unchanged in May.
As we progress through this month, major central banks will mirror the Federal Reserve’s stance by maintaining interest rates at their current levels. The release of robust U.S. economic data has dampened expectations of potential interest rate cuts, prolonging the high-interest-rate environment. Against this backdrop, U.S. stocks, serving as the bellwether for risk assets, have experienced significant volatility.
Bitcoin Price Action Ahead
Meanwhile, in the cryptocurrency market, the $70,000 price level for Bitcoin (BTC) remains a fiercely contested battleground. However, other cryptocurrencies besides Bitcoin have entered into a technical bear market, facing downward pressure.
However, some market analysts also believe that the Bitcoin price might consolidate until halving to resume an upward rally all the way to $120,000 by the year-end.
The price target of the current Bitcoin wyckoff structure is literally off the chart. Mind numbingly high. pic.twitter.com/PC5v3VAMbI
— Charles Edwards (@caprioleio) April 8, 2024
Prominent investors, known as “Bitcoin whales,” have been amassing notable quantities of Bitcoin, indicating a positive market sentiment. In a recent transaction, one such whale acquired $90 million worth of BTC.
Analysts at CoinGlass speculate a potential short squeeze for Bitcoin if prices surpass the $72,000 mark. This scenario might prompt whales to maintain or increase their holdings, consequently propelling the price higher.
Bitcoin’s current price action is confined within a symmetrical triangle pattern, reflecting a state of uncertainty in the market. A breakout above the triangle suggests a bullish trajectory towards levels around $73,777 or possibly even $80,000. Conversely, a breach below the pattern could lead to a decline towards the $59,000 mark.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
