BTC price heading under $30K? 5 things to know in Bitcoin this week
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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 its latest gains evaporated — will they return?
Ahead of a fairly innocuous week for macro data releases, catalysts are likely to come elsewhere as BTC price action makes a decision 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 — network fundamentals, already at or near all-time highs, show no definitive signs of a comedown of their own 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.
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