Crypto: Btc Traders Wait For $50k Bottom: Five Things To Know In Bitcoin...

Bitcoin price forecasts still favor lower macro lows as traders brace for US inflation data and renewed Japan-driven currency volatility.

Bitcoin (BTC) starts the second week of February still on the defensive after last week’s sharp drawdown, with traders increasingly eyeing a deeper retracement toward $60,000 — and even $50,000 — before a durable macro bottom forms.

Market forecasts agree that Bitcoin price action has not yet put in a reliable long-term bottom.

CPI week comes as markets lose faith in Fed rate cuts in March.

US dollar strength begins to fade as analysts eye a potential rerun of 2021 for Bitcoin-dollar correlation.

Japan’s election turns heads, with analysis seeing a weaker yen and crypto headwinds to come.

Bitcoin miners send large amounts to exchanges as the dust settles on the snap downside.

Bitcoin continues to trade above $70,000 as the week gets underway, but traders are anything but bullish on the short-term BTC price outlook.

Data from TradingView shows a lack of volatility around the weekly close, with BTC/USD staying around 20% higher versus its 15-month lows from last week.

In an X thread covering lower time frames, trader CrypNuevo warned that the current relief may end up as a manipulative move to liquidate late short positions.

Source: CoinTelegraph