$70K BTC Price: 5 Key Bitcoin Updates This Week
2 min read
$70K BTC Price: 5 Key Bitcoin Updates This Week
Bitcoin (BTC) is facing a tough start to the week as it tries to recover from a 15% price dip. The weekend saw a sharp decline in the crypto market due to geopolitical instability in the Middle East. Altcoins were hit the hardest, with some losing 50% of their value. Bitcoin managed to hold onto the $60,000 support level. Despite the losses, Bitcoin is already bouncing back. Traders are closely watching the geopolitical situation as it could have a significant impact on the market, similar to the cross-market crash caused by COVID-19 in March 2020.
Many analysts believe that the recent flash correction was not unexpected. They see it as a necessary correction to get rid of over-leveraged and weaker hands in the market. Data from exchanges show that liquidity is shifting, but Bitcoin is still holding above its previous cycle highs. The latest weekly close on BTC/USD was the lowest since March, indicating continued volatility in the market.
In the coming week, traders will be paying attention to macroeconomic data from the United States and comments from Federal Reserve officials, including Chair Jerome Powell. Inflation remains an important consideration for traders, as it could affect the outlook for interest rates. Traders are also preparing for Bitcoin’s next block subsidy halving, which will result in a 50% drop in new Bitcoins per mined block. Miners are expected to increase selling pressure around the event, but data shows that miner wallets have remained relatively flat in recent months.
In positive news, regulators in Hong Kong have approved Bitcoin and Ether ETFs for trading, which could potentially increase Chinese participation in the market. This comes at a time when US ETFs are experiencing a slowdown in inflows after a rapid acceleration in March. Sentiment in the crypto market remains “greedy,” indicating that investors are still optimistic about future price increases. Despite the recent correction, many market observers still expect Bitcoin to reach $70,000 by the halving.
Traders are watching geopolitical situation closely, just like COVID-19 crash in 2020!
The fact that Bitcoin is already bouncing back from its losses doesn’t change the fact that it experienced a significant price dip. It’s just a band-aid on a bigger problem. 🩹
Economic data and comments from Fed officials will be crucial for Bitcoin! 📊
Market sentiment is still greedy, investors remain optimistic!
Flash correction was expected, it’s necessary for a healthy market!
Despite the correction, I believe BTC will soar to $70,000 by the halving!
My faith in Bitcoin is dwindling. How can it be seen as a legitimate investment when it can’t even hold onto its support level? It’s just setting itself up for failure. 💔
Continued volatility in the market? What a surprise. It’s like a rollercoaster ride that never ends. Why would anyone want to invest in something so unpredictable?