Bitcoin hovers at $66K, a crucial level for traders. Explore the key factors influencing BTC this week, from macroeconomic data to miner activity and market sentiment.
Bitcoin begins a new week with its price hovering around the $66,000 mark, a critical level for traders. BTC has slipped to one-month lows after multiple attempts to break past the $70,000 resistance. As the trading range remains stubbornly narrow, market participants are eagerly watching for signs of a shift. This week, with fewer macroeconomic triggers, the focus is on the impact of recent data and Bitcoin network fundamentals. Let's delve into the key factors that could shape Bitcoin's price action in the coming days.
Key Points:
BTC Price Dices with Support Failure:
Bitcoin closed the week down 4.3%, settling around $66,000.
Bulls are striving to maintain this level to avoid further declines.
Market sentiment remains cautious, with traders eyeing $69,000 as a key resistance.
Jobless Claims Highlight Cool Macro Week:
After a heavy flow of economic data in June, this week is quieter, with U.S. jobless claims being the main focus.
The Juneteenth holiday provides a break for U.S. markets, with jobless claims data expected the following day.
Market expectations for Federal Reserve policy shifts continue to influence risk assets like Bitcoin.
Bitcoin Miner Capitulation in Full Swing:
Mining difficulty is set to decrease by approximately 1.3% this week.
Miners are adjusting to the post-halving economic environment, with a "capitulation" phase still in progress.
Despite challenges, market resilience remains strong, as indicated by hash ribbons and other metrics.
BTC Wallet Numbers Erase Bear Market Wipeout:
Wallets holding 10 or more BTC have reached 16.16 million, the highest since June 2022.
This accumulation trend suggests growing confidence among long-term holders.
Bitcoin ETF Coins Offer “Strong Support Indicator”:
Coins bought before the launch of U.S. spot Bitcoin ETFs are being held long-term, indicating strong support.
This holding behavior by whales reinforces market stability and the potential for future price gains.
As Bitcoin navigates the $66,000 mark, this week presents a critical juncture for traders and investors. With fewer macroeconomic events on the calendar, attention shifts to Bitcoin's internal dynamics and market sentiment.
Miners continue to adapt to the post-halving reality, while long-term holders display unwavering confidence. Whether Bitcoin will break free from its current trading range remains to be seen.
Still, the groundwork laid by network fundamentals and holder behavior provides a robust foundation for potential bullish developments. Stay tuned as the market unfolds and new opportunities arise.
Source: Cointelegraph
Comments