The leading cryptocurrency started the new week at the levels it lingered over the weekend, with volatility weakened. Today, as the US markets are also on holiday, there will be no movement in the ETF channel, so shallow volatility may continue today. So, what are the current key levels for Bitcoin (BTC)?
Cryptocurrencies and Bitcoin (BTC)
Last week, the SEC’s 180-degree turn on crypto and the House of Representatives’ pro-crypto stance in the FIT21 vote pushed BTC’s price to the $72,000 threshold. However, Bitcoin couldn’t stay there for long. The macroeconomic risks reminded by the service PMI data balance investors‘ risk appetite.
This week, we may see significant rises in altcoins as a result of positive movements in Bitcoin and Ether. Especially for ETH, the uncertainty of the launch date has created a few weeks’ window for investors to buy the news until the S-1 Form approvals come. Sudden rises in ETH-related cryptocurrencies are possible during this period.
On the other hand, the GDP data and Friday’s Consumption data coming this week could create surprise waves for crypto on the US front. The latest economic growth data was at an annoying level while inflation showed resistance.
Bitcoin (BTC) Price Prediction
The leading cryptocurrency bounced from $66,814 three days ago, and the 20-day EMA remained strong. The recovery from here triggered a rise to $70,000, but it couldn’t stay at higher levels. Bulls continue to target the all-time high level of $73,777 at every opportunity.
The major breakout event will likely start with closures above this level. Following the record in the first quarter, BTC will continue to target higher levels until the beginning of the second quarter of 2025. Historical data suggests this is the reasonable scenario.
If the resistance at the ATH level is breached, the first target will be the $80,000 to $84,000 range. However, sellers will not give up looking for closures below the 20-day EMA. If they succeed, a drop to $64,600 is likely. Bulls need to use their current advantage to make new attempts above $70,000 without delay. The competition between GBTC and IBIT will be an important event this week. IBIT has finally caught up with GBTC in terms of asset size, and if it sees a bit more clear inflow, both ETFs will have individually reached over $20 billion in size.
