NEW YORK / LONDON (IT BOLTWISE) – Bitcoin is facing a pivotal week as the cryptocurrency is on the cusp of a potential ‘death cross’. Market analysts are eagerly watching to see whether bulls can remain in control as external factors such as the US government shutdown influence markets.
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Bitcoin is at a critical juncture as the cryptocurrency remains in a tight range and faces a crucial weekly close. Bitcoin price is approaching a key support at $100,000 and market participants are eager to see how the weekly candle will close. Volatility was low over the weekend, but interest in a strong finish to the week remains high.
Some analysts, such as trader Titan of Crypto, have identified the $103,500 price as a key value based on Fibonacci retracement levels. While a weekly close below this level would not be dramatic, it could signal the end of the bull market. Other observers are looking for a close above the 50-week EMA, currently at $100,940, as a sign of strength.
Another risk that concerns the markets is the impending ‘death cross’, where the 50-day SMA falls below the 200-day SMA. Traders like SuperBro see this as a potential signal of a trend reversal. Historically, such a scenario has often resulted in a reversion to average and a sustained trough.
Aside from chart technology, crypto markets are hoping for positive news regarding the US government shutdown. An end to the shutdown could promote an expansion of the markets, as Cas Abbe from CryptoQuant summarizes. Expectations are high that political measures could end the standstill and thus also mitigate the economic impact.
However, some investors, like Ted Pillows, remain cautious. He predicts that Bitcoin price could fall further if market expectations are not met soon. Consolidation around the $102,000 mark and continued selling pressure from Bitcoin whales add to the uncertainty.
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