The leading cryptocurrency began the new week at the same levels it held over the weekend, with volatility muted. Today, as the US markets are closed, there will be no movement in the ETF channel, and thus, shallow volatility may persist.
Bitcoin Price Fluctuates
Last week, the SEC’s 180-degree shift on cryptocurrency, combined with the House of Representatives’ pro-crypto stance in the FIT21 vote, propelled the price of Bitcoin to $72,000. However, Bitcoin could only remain there for a short time. The macroeconomic risks highlighted by the PMI data help investors balance their risk tolerance.
This week, we may witness significant increases in altcoins due to solid movements in Bitcoin and Ethereum. The ambiguity of the launch date, particularly for ETH, has given investors a few weeks’ window to buy the news until S-1 Form clearances are received. During this time, ETH-related coins may experience sudden price increases.
On the other hand, this week’s GDP report and Friday’s Consumption data may cause unexpected waves in the US crypto market. The latest economic growth data was unsatisfactory, and inflation remained stubborn.
Prediction for BTC Price
The leading cryptocurrency has rebounded from $66,814 three days ago, and the 20-day EMA remains solid. The recovery from here resulted in a climb to $70,000, but it could not sustain higher levels. Bulls continue to pursue the all-time high of $73,777 at every opportunity.
The primary breakout event will likely begin with closures above this threshold. Following the record in the first quarter, BTC will aim for greater levels until the beginning of the second quarter of 2025. Historical data suggests that this is a reasonable scenario.