22. September 2023

• Bitcoin (BTC) begins the week above $30,000 after its latest rapid gains.
• The macroeconomic climate offers some potential risk asset price catalysts this week.
• Fundamentals are primed to shift down from all-time highs as traders take stock of the market situation.

Bitcoin Price Up Above $30,000

Bitcoin (BTC) starts a new week in a solid position above $30,000 after its latest rapid gains. BTC price action has delivered on bulls’ expectations after weeks of sideways trading offered little relief. Can it continue? That is the question on every trader’s mind this week. $30,000 held into the weekly close and beyond, but in a volatile crypto market, anything can and does happen.

Macroeconomic Climate Offers Potential Risk Asset Price Catalysts

The macroeconomic climate is somewhat “standard” for the final week of June, offering some potential risk asset price catalysts but avoiding several major data releases at once. The weekend’s news out of Russia appears to have had little impact on market performance elsewhere, having mostly concluded before the start of the week’s trading.

Taking Stock of Market Situation

Turning to Bitcoin itself, a phase of taking stock appears to be here, with fundamentals conversely primed to shift down from all-time highs. The sentiment is volatile too, with $30,000 in particular being a pivotal level for traders and investors alike.

Bulls Defend Key Level

Bitcoin drifted lower through the final part of the weekend after briefly touching $31,000 . Despite a lack of momentum , bulls managed to defend the $30,000 mark overnight and at time of writing on June 26th ,$30 ,500 was back as focus per data from Cointelegraph Markets Pro and TradingView . In total , BTC/USD gained 15 .6 % last week making it its third best weekly performance for 2023 according to data from monitoring resource CoinGlass .

Important Week Ahead

Popular trader Crypto Tony noted that this week was about flipping resistance zones at $31 , 000 into support while remaining long while consolidating below this level . Fellow trader Jelle agreed noting that this will certainly be an important week for everyone involved in bitcoin markets .