Bitcoin (BTC) is preparing for a significant week of US macro data as market participants anticipate heightened volatility. After retesting $92,000 following a positive weekly close, traders are anticipating a deeper correction in BTC price. A flurry of US macro data, including the Federal Reserve’s dilemma, is expected to impact interest rates, liquidity, and potentially drive BTC/USD to $180,000 in the next 18 months. Short-term Bitcoin holders are seeing profits, making current price levels crucial for speculative investors. While sentiment remains neutral, research suggests that crowd-based FOMO could prevent prices from rising substantially. Bitcoin traders are closely watching for a support retest as the cryptocurrency hovers near multi-month highs. The recent bullish close above the key yearly open level of $93,500 is seen as a positive signal. Traders are eyeing potential higher highs for BTC/USD, with targets set around $97,000. However, some traders are cautious, expecting a deeper retracement around $88,000. The stochastic relative strength index (RSI) indicates overbought conditions, suggesting a possible cooling-off period in Bitcoin prices. The area between $90,000 and $92,000 is under scrutiny due to market indecision. In the upcoming week, the focus is on major US macroeconomic data releases and the Personal Consumption Expenditures (PCE) index, which could impact crypto and risk asset volatility. Inflation expectations and interest rate cuts are key factors in the current market environment. Meanwhile, a hedge fund founder predicts a price target of $180,000 for Bitcoin in the next 18 months based on increasing market liquidity and macroeconomic data. Short-term holders’ aggregate cost basis is crucial for market trajectory, with support at $92,000 being closely monitored. Greed-induced sentiment is also in focus, with warnings of a potential local price top as the Crypto Fear & Greed Index signals a surge in optimism. Market sentiment is expected to influence BTC price movements in the coming days. This article does not offer investment advice, and readers are encouraged to conduct their research before making any financial decisions.
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