BTC price heading under $30K? 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week under $30,000 as analysts’ predictions of a short-term support retest come true.
The largest cryptocurrency saw a classic dive following its latest weekly close as the latest gains evaporated, but will they return?
Ahead of a fairly innocuous week for macro data releases, catalysts are likely to come elsewhere as BTC price action decides on a key support zone.
Much is at stake for traders, as the week prior offered the opportunity to reinvestigate altcoins as Bitcoin itself cooled its upside. With a retracement now in effect, attention will be on whether those altcoins can hold at their own higher levels.
Under the hood, it appears to be business as usual for Bitcoin, with network fundamentals already at or near all-time highs, showing no definitive signs of a comedown this week.
It may be too early to determine how price performance will impact hodlers, but the temptation to sell at ten-month highs must be clear — the percentage of the overall BTC supply now in profit is at an impressive 75%.
Cointelegraph takes a look at these factors and more in the weekly rundown of potential Bitcoin price triggers.
After a “boring” weekend for BTC price action, volatility returned in classic style at the April 16 weekly close.
With it came a return to $30,000 for BTC/USD, this marking its first major support retest since hitting ten-month highs above $31,000 last week.
Traders and analysts had widely predicted the move, arguing that it would constitute a healthy retracement to prepare for continuation of the uptrend.
Re-bought everything that I took profit on.I'll reduce below $29.7K BTC and $2K on ETH.Worst case scenario, I make a little less money on the overall positions. Best case scenario, I make a lot of
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