Bitcoin: Here Are Factors That Could Trigger BTC Spike This Week

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Written By Maya Cantina

Mon, 4/03/2024 – 16:35

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Bitcoin, the largest cryptocurrency by market value, has reached a more than two-year high amid strong flows into cryptocurrency exchange-traded funds.

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The price of Bitcoin climbed to begin the week, bringing it closer to its all-time high of $69,000. The flagship cryptocurrency was last trading at $66,088, according to CoinMarketCap. Earlier, it reached as high as $66,500, its highest level since November 2021.

As optimism builds up on the crypto market, traders keep their eyes peeled on crucial economic data for fresh clues as to the timing of Federal Reserve interest rate cuts. This week might see major macroeconomic releases, as well as Fed Chair Jerome Powell’s annual testimony to Congress on Wednesday and Thursday.

Fed Vice Chair for Supervision Michael Barr is scheduled to speak on Tuesday, while major data releases such as U.S. nonfarm payrolls and the U.S. unemployment rate are expected on Friday.

Bitcoin’s price has previously reacted both unfavorably or positively to Fed Chair Jerome Powell’s speech; what will happen this time is yet unknown.

Bitcoin hits $66,000

Bitcoin surged over 7% during trading on Monday, surpassing the $66,000 barrier, indicating a positive continuation following a minor correction over the past few sessions.

TradingView
BTC/USD Daily Chart, Courtesy: TradingView

The recent surge above $65,000 confirms strong bids, despite bearish technical warnings from overbought studies.

Investors are now keen to see Bitcoin approach its all-time high of $69,000 set in November 2021. At $66,000, BTC is around 4% below this level.

Some headwinds may be expected near Bitcoin’s previous record highs, but a strong break above here might lead to a $70,000 Bitcoin price. However, the $60,000 psychological level, which was once resistance but has now turned into support, may safeguard the downside.

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