Bitcoin (BTC) is bracing for a major US macro data week as crypto market participants warn of serious volatility next.
Bitcoin retests $92,000 after a promising weekly close, but traders still see a deeper BTC price correction to come.
A bumper week of US macro data comes with the Federal Reserve under pressure on multiple fronts.
The Fed has its hands tied, analysis argues, predicting interest rates coming down, liquidity booming and BTC/USD reaching $180,000 within eighteen months.
Bitcoin short-term holders are back in the black, making current price levels especially pertinent for speculative investors.
Sentiment is in neutral territory, but crowd-based FOMO may keep price from rising much higher, research concludes.
Bitcoin traders wait for support retest
Bitcoin is circling multimonth highs as the week gets underway, having tested $92,000 as support after the weekly close.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
That close itself was bullish, data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*enpnlb*_ga*MTE3NDE3MjgzMC4xNzE1NjcwODE1*_ga_53R24TEEB1*MTc0NDcyNDI2NS40MS4xLjE3NDQ3MjQyNjkuNTYuMC45MTY3MzAwMzI." rel="null" target="null"