Major cryptocurrencies are off to a muted start this week

Major cryptocurrencies are displaying muted price action to start the week as traders digest the latest developments and prepare for the upcoming FOMC meeting and key macroeconomic data that could shape the market’s next move.

According to trader Roman, the failure to close last week's candle above resistance is a crucial observation.

"We're now seeing what looks like a bearish retest of the uptrend line. Also, both the daily and weekly timeframes have lower-than-usual volume. This lack of volume on both timeframes signals that the uptrend isn't holding strong, especially considering the recent price decline," Roman explained.

Without stronger buying pressure emerging to propel the market higher, Roman anticipates further downside potential in the short term.

In contrast, crypto trader Kaleo remains bullish, highlighting recent Bitcoin dips as "gifts" and reaffirming his "resume up only" stance.

"I’m still resuming up only-ish. No time for fear in a raging bull market. Imo, recent dips have been great buying opportunities to average down/up. Don’t overcomplicate things. The trend is still clearly up on all timeframes. We're in a bull market, and traders know what to do in a bull market- buy high, sell higher!"

Stockmoney Lizards offered a cautionary tale, predicting that many will correctly call Bitcoin to $150,000 this cycle but will still lose money by overtrading.

"I feel like everyone will predictably call Bitcoin to $150k this cycle… but no one will actually make money because they'll get liquidated on the way up (again) or they'll overtrade out of greed (again). We're still in a bull market- traders know what to do in a bull market- buy high, sell higher!"

Pointing to a potential retracement to $89,000, which aligns with the 61.8% Fibonacci retracement, the trader urged calm and advised trusting the market structure rather than overreacting.

"I’m still resuming up only-ish. No time for fear in a raging bull market. Imo, recent dips have been great buying opportunities to average down/up. Don't overcomplicate things. The trend is still clearly up on all timeframes. We're in a bull market, and traders know what to do in a bull market- buy high, sell higher!"

Meanwhile, Crypto Bully shared that he took profit and hedged before the current pullback.

He remains unworried unless BTC breaks below $88,000, which coincides with VWAP from the lows, a key fib level, and a high-volume node.

Expecting a period of consolidation or slow upward grind heading into the FOMC meeting, he noted, "I'm not surprised to see some consolidation here after such a strong move. We’re likely heading into FOMC and some major economic data this week, so I think we'll continue to see a slow upward grind as we digest these events."

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