4. März 2024

BTC Price at Risk as Battle for $30K Support Looms

Overview

• BTC price is currently facing a battle for key support to start the week.
• Bitcoin network fundamentals remain at or near all-time highs with no signs of a comedown this week.
• Traders and analysts predict a healthy retracement to prepare for the continuation of the uptrend.

Key Support Retest

At April 16 weekly close, BTC/USD saw a return to $30,000 marking its first major support retest since hitting 10-month highs above $31,000 last week. Analysts anticipate that it will constitute a healthy retracement to prepare for the continuation of the uptrend, enabling traders the opportunity to reinvestigate altcoins as Bitcoin itself cooled its upside.

Network Fundamentals

It appears that market participants are staying optimistic about trend continuation as there are no definitive signs of a comedown in Bitcoin’s network fundamentals which remain at or near all-time highs. This has not gone unnoticed by traders and hodlers who have seen 75% of the overall BTC supply now in profit due to BTC’s price performance.

Catalysts Ahead

With fairly innocuous macro data releases expected this week, catalysts in terms of Bitcoin’s price action will be key when deciding on whether those previously mentioned altcoins can hold their higher levels and if key support will be reacquired.

Conclusion

It seems that despite volatility returning in classic style at April 16th weekly close and bringing with it an opportunity for hodlers to make profits from their investments, the future remains hopeful with potential for further gains yet to come as long as key support is maintained and market participants remain optimistic about trend continuation.