'Most bullish macro backdrop in 75 years' — 5 things to watch in Bitcoin this week
Bitcoin (BTC) starts a new week in a strange place — one which is eerily similar to where it was this time last year.
After what various sources have described as an entire twelve months of “consolidation,” BTC/USD is around $42,000 — almost exactly where it was in week two of January 2021.
The ups and downs in between have been significant, but essentially, Bitcoin remains in the midst of a now familiar range.
The outlook varies depending on the perspective — some believe that new all-time highs are more than possible this year, while others are calling for many more consolidatory months.
With crypto sentiment at some of its lowest levels in history, Cointelegraph takes a look at what could change the status quo on shorter timeframes in the coming days.
Bitcoin saw a trying weekend as the latest in a series of abrupt downward moves saw $40,000 support inch closer.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $40,700 on major exchanges before bouncing, a correction which has since held.
Ironically, it was that very level which was in focus on the same day in 2021, that nonetheless coming during what turned out to be the more vertical phase of Bitcoin’s recent bull run.
Last September also returned the focus to $40,700, which acted as a turning point after several weeks of correction and ultimately saw BTC/USD climb to $69,000 all-time highs.
Now, however, the chances of a breakdown to the $30,000 zone are unreservedly higher among analysts.
“Weekly Close is just around the corner,” Rekt Capital summarized alongside a chart with target levels.
Bitcoin ultimately closed at $42,000, since hovering at around that level in what could turn out to be some temporary relief for bulls.
“I think market puts in a
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