Bitcoin (BTC) Market May Now Face a Wave of Profit-taking and Macro Uncertainty

Following Bitcoin's highest weekly close ever, the crypto market may now face a wave of profit-taking and macro uncertainty, leaving observers caught in two minds about its next move.

Bitcoin (BTC) closed a pivotal week in the green, hitting its highest weekly closing price ever, but the crypto market may now face a wave of profit-taking and macro uncertainty, leaving observers in two minds about its next move.

Notable Statistics:

• Bitcoin (BTC) closed the week at $103,000, marking its highest weekly closing price ever.

• Ethereum (ETH) experienced a significant rally, but traders are eyeing $2,400 as a key accumulation zone for the altcoin.

• XRP is holding crucial support at $2.30, with a break potentially opening the door for a drop back to $2.00.

Trader Notes:

Crypto trader Bleeker noted that despite recent volatility, “nothing meaningful has changed in over a month.”

Referencing a chart where $106,000 was pre-marked as resistance and altcoins (cryptocurrencies other than Bitcoin) won’t make any real move until Bitcoin hits a new all-time high, the trader noted that for now, BTC remains range-bound between $99,000 and $106,000.

“Chill out — it’s all part of the game,” he stated.

In contrast, trader DonAlt pointed out that Bitcoin has already closed at a new all-time high, breaking through all major resistances.

With BTC now in price discovery, he noted that while technically the “sky’s the limit,” the rally's sustainability hinges on macro tailwinds: healthy institutional support, regulatory clarity, and Michael Saylor's MicroStrategy (NASDAQ:MSTR) not buckling under market pressure.

While whales are accumulating profits on Ethereum after the significant rally, analyst Michael van de Poppe sees $2,400 as a prime accumulation zone, suggesting a "buy the dip" setup ahead of an expected move toward $4,000.

As for XRP, crypto analyst Ali Martinez warned that a break below $2.30 could open the door for a drop back to $2.00. His technical outlook highlights the importance of maintaining this support level for bullish continuation.

Trader Tardigrade observed Dogecoin returning to its flag zone after testing the upper resistance of the pattern.

He maintains that the bull flag structure remains intact, which typically signals continuation, if support holds.