As the price of Bitcoin approaches a monthly close, Bitcoin is showing signs of recovery, with BTC p
Bitcoin is showing signs of a rebound as it approaches its monthly close, with BTC price action targeting $65,000. The largest cryptocurrency has seen impressive strength over the past week, and traders are hopeful that the good times will continue. However, Bitcoin's recovery is facing several challenges, including macroeconomic data and volatility catalysts.
Despite the recent uptick in price, Bitcoin remains 40% below its lows from April. The coming monthly close presents an interesting trading environment as anticipation builds for a breakout from a nearly half-year-long consolidation phase. Can Bitcoin finally reclaim all-time highs?
The month-to-date performance of BTC/USD is now almost back to its starting position, but there are plenty of volatile catalysts awaiting. Macroeconomic data such as PCE inflation will be crucial in the coming days, presenting a fresh test of nerve for risk-averse Bitcoin short-term holders.
Fundamentals look good, with mining difficulty set to rise slightly in the coming days. Sentiment is also returning to neutral territory, with average crypto investors leaving their cold feet behind at a faster pace than expected.
Cointelegraph takes a closer look at the state of play on Bitcoin ahead of a key week for the cryptocurrency that was battling calls for a fresh bear market just two fortnights ago.
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