'Altseason is here' — 5 Things to know in Bitcoin this week

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.