Markets Outlook: Bitcoin breaks records into April as bulls 🧐eye final resistance breakthrough

View in browser Bitcoin breaks records into April as bulls 🧐eye final resistance breakthrough "My suspicion is the market is not ready for what comes next."             — TechDev Welcome to the Cointelegraph Markets weekly newsletter, where we look at the influential factors behind Bitcoin price action for the days ahead. This week's top stories... 👉 Bitcoin (BTC) certainly started Q2 right — the highest weekly, monthly and quarterly close combined sealed 68.7% year-to-date BTC price gains. The question for market observers now is, naturally, "Where next?" The first week of April may provide an early answer as institutional inflows return following the Easter holiday weekend. 👉 The current BTC price range has so far proven hard to shift. Old all-time highs from 2021 are a clear sticking point at $69,000, while more recent highs near $74,000 are now stacked with ask liquidity. 👉 The success of the multiple candle closes goes some way to securing a trend shift, analysis now argues, but so far, a decisive move has yet to materialize. 👉 Is Bitcoin on the cusp of the next phase of its bull market? On-chain findings give reason to believe that the current price action is the new "December 2020 moment." 👉 A cocktail of volatility catalysts is already waiting in the wings, among them macroeconomic data prints and speeches from senior United States Federal Reserve officials, including Chair Jerome Powell. Cointelegraph takes an in-depth look at current market trends at the start of another pivotal quarter in Bitcoin's latest breakout year. Continue reading to discover five things the community is focused on when it comes to BTC price performance. Bitcoin prints its first $70,000 monthly close Not only did Bitcoin print its first $70,000 monthly close, but the end of March saw the best weekly, monthly and quarterly close ever recorded. Bulls now need to flip $69,000 to support definitively. Should they succeed in doing so, the door to price discovery opens. One prediction now calls for that to happen before this month's block subsidy halving. Fed officials take to the stage Fed Chair Powell is keeping the markets on their toes this week with more commentary on future economic policy. So far, interest rate cuts are firmly on the radar for 2024, with only the timing up for debate. Elsewhere, analysts are waiting for jobs data later in the week to inject volatility into risk assets. Save up to 70% off on your subscription NOW! Stay ahead in the crypto race with Cointelegraph Markets Pro, your lens to real-time market shifts and emergent price trends.  Claim Your Discount Now Locking in hard-earned profit Bitcoin's long-term holders (LTHs) are getting increasingly active when it comes to profit-taking. After weathering a brutal bear market, they now account for more than 40% of realized profit per day, data shows. Currently, that profit-taking amounts to around $1 billion daily. Channeling the 2020 breakout The current BTC price range may be a stubborn one, but optimistic on-chain data is drawing comparisons to December 2020. Back then, BTC/USD retested its 2017 all-time highs for two weeks before eventually breaking higher — and tripling in the following months. Rinse and repeat in 2024? On paper, the current price cycle appears eerily similar. Is the risk asset tide turning? Crypto sentiment is back in "extreme greed" territory, even without new BTC price records, according to the Crypto Fear & Greed Index. Investors appear to be increasingly anticipating the resumption of the uptrend. This could have a helping hand in the form of a broader risk-asset renaissance — gold and stocks are both catching a break. 3.5 million people follow us on social media.   Join them here: Download our official app: Share to Facebook Share to Twitter Forward email Cointelegraph Copyright © 2024, All rights reserved Mailing contact: Cointelegraph 21 W 46th St, New York, NY 10036-4119 USA You received this email because you signed up on our website.  Want to change how you receive these email? Unsubscribe | Update preferences