βFar more money has been lost by investors trying to anticipate corrections, than lost in the corrections themselves.β - Peter Lynch
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Last week, the price of BTC reached $34.52k, the highest weekly close in 550 days, breaking out over the primary long-term horizontal resistance region at $30.5k, which had been in place since May 2022. Momentum has faded, and we are in for a period of consolidation as the Risk Signal remains at 0.
This week carries significant weight for the crypto market due to various macro events, including the US FOMC meeting, the monthly announcement of the US unemployment rate, US job openings, and the US non-farm Employment Change. These events have the potential to introduce volatility to the crypto market
BTC is currently seeking to break through the resistance level located at the coveted $35k milestone. The averages suggest that a bullish convergence is imminent, which might result in the price recovering momentum in the following days.
If the bulls can push the price above $35k, it will regain momentum and set to test the upper resistance around $35.51k. Furthermore, if the market maintains the price at that level, it will challenge its key resistance level of $36.24k in the following weeks.
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