Bitcoin Rallies on Improved Sentiment But Faces Macro Headwinds This Week
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Bitcoin has risen over 120% year-to-date, showing improved crypto sentiment. Solid buying has increased wallets with over $1M Bitcoin.
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Macroeconomic data and events this week could cause near-term Bitcoin headwinds as investors digest. CPI and PPI data plus government shutdown deadline may spur volatility.
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Short-term Bitcoin pullback is healthy for long-term trend. Seen as buying opportunity by most analysts who expect 2024 rally with possible Bitcoin ETF approval.
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S&P 500 snapped back from neckline, indicating bulls buying dips. Break above downtrend line could signal rally to 4,512. Bears will defend line to drag below neckline.
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Ether rebounded from $2,000 support. Breakout past $2,200 resistance could start rally to $3,000. Drop below $2,000 would be negative, risking fall to 20-day EMA.