Most Bullish Macro Backdrop in 75 Years — 5 Things to Watch in Bitcoin this Week

After what several sources have interpreted as an entire twelve months of consolidation, Bitcoin continues to hover around $42,000. This is precisely the price range Bitcoin was trading virtually two weeks into January 2021. While the up and down price movement has been vital, Bitcoin stays within the range of the now-familiar price range. The expectation of this price moment varies based on the bais. Some analysts and investors believe a new all-time high is far possible this year while others feel more consolidations will only happen this year. Upon realizing that crypto sentiments are at their lowest ranges since past time, Cointelegraph delves deeper into what might rewrite established order in the days to come. Will $40,000 be maintained? Last weekend was trying for Bitcoin as its price plunges downward trying to break the $40,000 support mark. Data obtained from TradingView and Cointelegraph Markets Professional shows that Bitcoin is hitting the $40,700 support mark on major exchanges before bouncing upward. Since then, the correction has been held. Ironically, the $40,700 price range was also the main focus during this time last year. And after several consolidations at the price, bitcoin eventually made a vertical run to the upside. A few months later, in September to be precise, Bitcoin fell and once again began trading within the price range. The $40,700 support mark eventually served as a turning point and Bitcoin s...