'Altseason is here' — 5 Things to know in Bitcoin this week
Main Idea
Bitcoin is experiencing volatility and potential deeper correction, with traders eyeing key price levels and market dynamics, while altcoins show signs of a potential 'altseason'.
Key Points
1. Bitcoin's price volatility includes a rebound from $116,000 to around $119,000, with traders noting key levels like $114,000 and $130,000.
2. Exchange BTC reserves are increasing, signaling potential profit-taking and weakening buy-side pressure, which may hint at a corrective phase.
3. Traders anticipate a short-term consolidation phase for BTC, with long-term price targets ranging from $130,000 to $160,000.
4. Altcoins are gaining momentum, with Bitcoin's market dominance dropping to near 60%, suggesting a potential 'altseason'.
5. Federal Reserve Chair Jerome Powell's upcoming remarks and macroeconomic factors are being closely watched for potential impacts on Bitcoin and crypto markets.
Description
Bitcoin price excitement is rapidly fading as altcoins become crypto traders' new target — is BTC due for a deeper correction?
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