Bitcoin News: Decoding Bitcoin’s Weekly Price Trends, What to Expect for BTC

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Bitcoin bulls were initially excited after the SEC-XRP situation was resolved. However, the price briefly went up before going back to its previous levels. Right now, Bitcoin is trading at the same levels as before the rally. However, a breakdown from the current structure is likely in the future, leading to a potential correction. The upcoming Fed pivot will play a crucial role in shaping the market, and investors should be prepared for a substantial crash.

Recent developments also suggest that institutional investors are ramping up their buy pressure, leading to speculation about the start of the next bull run. According to Cheeky Crypto, for the fourth consecutive week, Bitcoin has been unable to push beyond a particular resistance level. Despite testing the upper area, the price has struggled to break through the supply zone above $31,848. 

If Bitcoin manages to reach higher price levels, such as $40,000, before the Fed pivot, it would provide a certain degree of protection against the subsequent market downturn. On the other hand, if Bitcoin experiences a reversal around the $20,000 to $21,000 range before the Fed pivot, it would test previous lows.

He said, “As the price of Bitcoin comes to the downside, essentially that’s going to be where the altcoins really heavily bleed out and where the altcoins are going to see their new bear market lows.”

The 50% retracement level at $32,681 appears to be a key target for bullish investors. Breaking above this level would signify a strong position and pave the way for further gains. However, growing institutional interest, accumulation by long-term holders, and the potential approval of Bitcoin ETFs might point towards a positive outlook. At the time of writing, Bitcoin is trading at $30,293.