Top 4 Bitcoin Price Action Factors to Watch This Week
CryptoNewsTerminal Staff27 May, 2024
Top 4 Bitcoin Price Action Factors to Watch This Week
Cointelegraph analyzed key factors that traders should keep an eye on this week in terms of Bitcoin's price action. 1. Major Resistance at $69,000: Break or Hold Bitcoin's price faced significant resistance at the $69,000 level. Whether this resistance holds or breaks will be a crucial indicator for the short-term price direction. 2. Post-Halving Reaccumulation: Uptrend Continuation? Following the recent Bitcoin halving, the market may enter a reaccumulation phase. If this occurs, the uptrend could continue, potentially leading to further price gains. 3. US Personal Consumption Expenditure (PCE) Release on May 31 The PCE data, scheduled for release on May 31, provides insights into inflation trends. A higher-than-expected PCE could potentially weigh on Bitcoin's price. 4. Record High BTC Whale Balances Whale addresses hold record high balances exceeding 500,000 BTC. This accumulation indicates strong institutional support, which could provide stability to the market.
