Bitcoin (BTC) is starting the week strong after achieving its highest weekly close since December 2021. The price of BTC is showing strength as it approaches key resistance at $50,000, leading to speculation about further upside potential. Traders are focusing on the upcoming halving event, which is just two months away, as it is seen as a catalyst for market sentiment. There are various theories about how high anticipation for the halving could drive the price of BTC/USD. However, there are several hurdles that Bitcoin must overcome. This week, the United States will release a significant amount of macroeconomic data, which comes at a time when there is uncertainty over fiscal policy. The Federal Reserve will be closely watching the Consumer Price Index (CPI) and Producer Price Index (PPI) prints for January, as they will impact expectations of interest rate cuts. In addition to these factors, the success of U.S. spot Bitcoin exchange-traded funds (ETFs) is generating excitement among observers, as institutional demand could drive BTC to new all-time highs in the coming months. Overall, there are many factors to consider when analyzing the performance of BTC price.
Bitcoin's best weekly performance since 2021 - Key takeaways from the world of Bitcoin this week
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