A 'local top' and $88K retest? 5 things to know in Bitcoin this week
Bitcoin (BTC) is experiencing significant volatility as it approaches key macroeconomic data releases in the US. BTC tested $92,000 as support after a bullish weekly close above the yearly open of $93,500. Traders anticipate potential higher highs, with some predicting a rise to $97,000, while others expect a deeper retracement around $88,000. Major US economic indicators, including Q1 GDP and the Personal Consumption Expenditures (PCE) index, are set to influence market movements. Current inflation expectations suggest possible interest rate cuts by June, despite the Federal Reserve maintaining a hawkish stance. Hedge fund founder Dan Tapiero predicts BTC could reach $180,000 by summer 2026, citing deteriorating manufacturing expectations. Bitcoin's short-term holders' cost basis is around $92,000, crucial for sustaining a bull market. The Crypto Fear & Greed Index indicates a recent spike in greed, suggesting a potential local price top.
