Bitcoin (BTC) is starting the new week in a precarious position after experiencing its most extensive losses since November. BTC/USD lost around 10% before the weekly candle finally closed at around $27,600. The culmination of a grim few days for long traders means that BTC/USD is now caught battling for last month’s support. Market participants are in two minds as to how the situation might play out — some are betting on deeper downside, while others remain confident of retesting those multi-month highs. Catalysts may come in the form of United States macroeconomic data releases later in the week, while markets are also gearing up for the next Federal Reserve interest rate decision.
‘Smart money’ eyes BTC bull run: 5 things to know in Bitcoin this week
