Bitcoin prices have recently been hovering around $69,500 as it awaits key economic data ahead of this week. In addition, starting today, Bitcoin ETN products will be listed for trading on the London Stock Exchange.
Major Macro Data Releases This Week: This week, investors will be treated to a series of macroeconomic events and data releases, including several key economic indicators from the United States and interest rate decisions from major central banks around the world. The United States is scheduled to release the Consumer Price Index (CPI) for March on April 10, followed by the Federal Open Market Committee (FOMC) meeting minutes for March on April 11. It is expected that there is a 93.3% probability that the FOMC will keep interest rates unchanged in May.
As the month progresses, major central banks will follow the Fed's stance and keep interest rates at current levels. The release of strong economic data from the United States has dampened expectations of potential rate cuts and prolonged the high interest rate environment. Against this backdrop, U.S. stocks, as a bellwether for risky assets, have seen significant volatility.
Future Bitcoin Price Trends: Meanwhile, in the cryptocurrency market, the $70,000 price level for Bitcoin (BTC) remains a hotly contested battlefield. However, cryptocurrencies other than Bitcoin have entered a technical bear market and are facing downward pressure. 🚀qun加威:417072555👈 However, some market analysts also believe that Bitcoin prices may consolidate until the halving and resume their rise all the way to $120,000 by the end of the year. Famous investors known as "Bitcoin whales" have been accumulating large amounts of Bitcoin, which indicates positive market sentiment. In a recent transaction, such a whale acquired $90 million worth of BTC.
Analysts at CoinGlass speculate that Bitcoin may see a short squeeze if the price breaks through the $72,000 mark. Such a situation may prompt whales to maintain or increase their holdings, pushing prices higher.
Bitcoin's current price action is confined to a symmetrical triangle pattern, reflecting the state of uncertainty in the market. A breakout of the triangle suggests a bullish trajectory of about $73,777 and possibly $80,000. Conversely, a breakout of the pattern could result in a drop toward the $59,000 mark.
