Bitcoin Makes Record Monthly Close – 5 Essential Bitcoin Updates This Week

Bitcoin (BTC) commences a new week, month, and quarter in 2024 with a series of new records, leaving many to wonder if the bull market can continue. The first quarter of 2024 came to an end with BTC price action making history, achieving the highest close ever seen. However, old resistance is putting up a fight, as a battle between buyers and sellers is preventing the surpassing of the all-time highs from 2021. Price discovery remains elusive, with Bitcoin needing to reach $74,000 to eliminate most of the sell-side liquidity from latecomers. As the second quarter begins, potential volatile movements are expected. Additionally, the upcoming week will feature fresh commentary from Jerome Powell, the chair of the Federal Reserve, and the release of nonfarm payrolls data from the United States. Last week, Bitcoin responded positively to Powell’s remarks about the possibility of interest rate cuts in 2024. As Bitcoin continues to rise, long-term holders are taking profits, going against the influx of institutional capital from spot exchange-traded funds (ETFs). Analysts are cautious about the current trend and are waiting for clearer signals before entering positions. The return of ETF flows is seen as significant, and $69,000 remains a key level to watch. The upcoming U.S. macro week will be highlighted by Powell’s remarks and the release of nonfarm payrolls data, which could contribute to BTC price volatility. Weak job numbers would increase the likelihood of an earlier rate cut and strengthen risk assets. As Bitcoin sets new records, long-term holders are capitalizing on profits. On-chain data shows that Bitcoin’s “diamond hands” are no longer on the sidelines, as both short-term and long-term holders are moving coins on-chain to realize profits. However, long-term holders still represent a significant portion of the realized profits. Glassnode revealed that the current BTC price action is remarkably similar to the previous bull market in 2021, challenging the notion that institutional interest has brought about a new price paradigm this year. The Crypto Fear and Greed Index indicates that market participants are increasingly greedy, anticipating a potential price discovery across markets. This optimism could be part of a broader belief in risk assets. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.