Bitcoin (BTC) suffered its most extensive losses since November 2022, losing around 10% and finishing up $2,700 below its starting position, marking a grim week for long traders. Currently targeting $27,000, BTC/USD is now battling for last month's support, with market participants divided over the potential outcomes. Some are betting on deeper downside, while others remain confident of retesting multi-month highs. Possible catalysts include United States macroeconomic data releases and the next Federal Reserve interest rate decision. There is growing pressure to revamp the Bitcoin network, including converting it from Proof-of-Work to Proof-of-Stake to reduce energy consumption and making it a smart contract hub. Despite the recent correction taking some of the "greed" out of crypto sentiment, some analysts believe that the current Bitcoin bull run is playing out similar to all others before it, leading to a strong bull run afterward. Crypto sentiment has cooled to "neutral" after hitting its highest levels since November 2021.

(By WILLIAM SUBERG)