Is the sub-$60K level a bear trap? Key takeaways from the week in Bitcoin

Bitcoin Teases Bull Market Return

• Bitcoin starts Q3 2024 with bullish momentum
• Monthly and quarterly close saves BTC from major trend loss
• Consolidation leads to two trips under $60,000
• Traders eye important bull market trendlines for confidence

Bitcoin (BTC) is showing signs of a bullish return as it aims to reclaim lost ground on its way to new all-time highs. Despite some consolidation and trips below $60,000, the cryptocurrency has managed to maintain support above this key level.

As BTC price strength tentatively returns, traders are monitoring important trendlines to gauge the potential for a continued bull market. In addition to technical factors, macroeconomic data, including United States unemployment figures and inflation cues from Federal Reserve officials, will impact market volatility in the coming week.

Bitcoin Faces Battle for Bull Market Continuation

Recent spikes in Bitcoin price have provided some optimism for market participants, with promising weekly, monthly, and quarterly closes above $62,500. However, BTC faces resistance around $64,000, a key level where several trendlines converge. Traders will be watching to see if Bitcoin can break through this resistance to continue its upward trajectory.

Unemployment Data Meets Fed’s Powell

Several U.S. unemployment data releases and remarks from Federal Reserve Chair Jerome Powell will be key drivers of macroeconomic volatility in the week ahead. Market participants will be closely monitoring these events for potential impact on the crypto market.

Key BTC Price Trendline Stands Out

The $64,000 price level is significant for Bitcoin as it represents a convergence of trendlines, including the 21-week moving average and short-term holder cost basis. Traders are watching to see if BTC can overcome this critical resistance level to signal a continued bullish trend.

Light at the end of the tunnel for miners?

Bitcoin miners continue to adjust to changing market conditions post-halving, with network fundamentals showing signs of stabilization. Despite some miners shutting off due to costs, decreased selling pressure and improved profitability conditions are renewing optimism for the sector.

Crypto Market Sentiment Sees Recovery

The quarterly close has had a positive impact on overall crypto market sentiment, with increased readings on the Crypto Fear & Greed Index pointing towards a shift from fear to greed. Market participants are optimistic about the potential for a market rebound in the coming weeks.

Disclaimer: This article does not contain investment advice or recommendations. Readers should conduct their own research before making any investment decisions.