Bitcoin (BTC) experienced a 10% drop in price last week, with traders now looking at key support levels closer to $25,000. While some believe that the next phase of upside is around the corner, consensus is far from unanimous over market health. Macro markets are gearing up for a new period of crucial data and moves from the United States Federal Reserve, with volatility catalysts waiting in the wings. New data will emerge from the U.S., including U.S. GDP and jobless claims, which could deliver a burst of volatility for currently lackluster risk assets. Concerns beyond crypto are focusing on indices’ inability to print new highs, indicating too much greed among investors. However, an optimistic take among some Bitcoin market participants focuses on sweeping range lows to continue the bull run, with some traders looking to take long positions in the next few days. Meanwhile, popular trader Jelle believes that the worst of the correction is over, adding to spot in recent days, and sees similarities to BTC price action in February but is banking on a positive breakout thanks to a bullish divergence in Relative Strength Index (RSI).

(By WILLIAM SUBERG)