First 7-week losing streak in history ― 5 things to know in Bitcoin this week

cointelegraph.com:

Bitcoin (BTC) starts a new week under $30,000 as the battle to save the market from fresh lows grinds on.

After hitting its highest since the Terra LUNA crash last week, the largest cryptocurrency nonetheless continues to fail to reclaim $30,000 as support.

What could be in store this week? The potential for major upheaval from macro players, notably the United States Federal Reserve, is shapeshifting this week ahead of the World Economic Forum.

At the same time, internal crypto market pressure remains as the implications of LUNA’s collapse continue to play out.

Cointelegraph takes a look at five potential BTC price movers for the coming days.

The sense of caution among traders is palpable this week after the past seven days upended market expectations.

When Blockchain protocol Terra’s LUNA and TerraUSD (UST) tokens imploded, their decline ricocheted throughout crypto markets, and Bitcoin was naturally no exception.

After dipping to near its realized price just below $24,000, BTC/USD staged something of a V-shaped recovery to bounce past $31,000 in the following few days. That strength, however, now appears limited, as $30,000 proves to be a stubborn level to win over for good.

While the picture looks decidedly more reassuring than that of some altcoins, traders are keeping away from any firmly bullish price takes.

A key narrative gaining traction revolves around current levels forming the basis of a relief bounce which will ultimately end not just in rejection but an attack on lower lows than those from last week.

$BTC / $USD - Update This for me is the best case scenario on #Bitcoin due to the rejection and 3 wave confirmation. We either drop to new lows from here, or we complete the C wave flat then pump once more If your a