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Bitcoin remains stable and macroeconomic factors could come into focus
Bitcoin tested the $31,000 mark again on Monday evening, but in the end had to give up almost all of its daily gains. After the turbulent start to the week, it took things a little easier on Tuesday and climbed by a moderate 0.7 percent to around $30,400 over a 24-hour period. The current sideways trend continues. Around three weeks ago, Bitcoin regained the $30,000 mark and has not fallen below it on a sustained basis since. On the way up, the cap is currently at $31,460. The price there had reached its highest level in around a year the previous week. Then he had to...
Bitcoin remains stable and macroeconomic factors could come into focus
Bitcoin tested the $31,000 mark again on Monday evening, but in the end had to give up almost all of its daily gains. After the turbulent start to the week, it took things a little easier on Tuesday and climbed by a moderate 0.7 percent to around $30,400 over a 24-hour period. The current sideways trend continues.
Around three weeks ago, Bitcoin regained the $30,000 mark and has not fallen below it on a sustained basis since. On the way up, the cap is currently at $31,460. The price there had reached its highest level in around a year the previous week.
He then had to give up part of the winnings again. The sideways range between $29,600 and $31,500 that has been in effect since the end of June is still intact - and also comparatively narrow for the otherwise volatile cryptocurrency.
In the past, such sideways phases with relatively low volatility were often followed by dynamic breakouts in the chart. However, the bulls are currently struggling to maintain the positive mood of the past few weeks.
The regulatory filings for various spot EFTs on Bitcoin have certainly provided a lot of momentum, Brent Xu, CEO of DeFi platform Umee, told Barron's. “But that seems to be subsiding a bit now.” As justification, he points to the lengthy decision-making process of the US Securities and Exchange Commission (SEC), which has so far rejected all Bitcoin spot ETFs.
In the case of the product applied for by BlackRock, which made a significant contribution to Bitcoin's recent recovery, the final decision may not be made until mid-March 2024, according to Bloomberg information.
Macro data back in focus
Xu therefore expects that macroeconomic factors such as the data on the development of US inflation in June and the further action of the US Federal Reserve Bank will soon influence price developments on the crypto market again.
Given the unclear outlook, traders point to significant setback risks if interest rates are raised again around July and September. Xu also expects a significant increase in volatility.
THE SHAREHOLDER shares the assessment that the fluctuations in Bitcoin are likely to increase again in the short and medium term. In the long term, however, the potential is far from exhausted, because with the chance of the first spot ETFs and the “halving” next year, there are two potential catalysts for a new rally.
Courageous investors are positioning themselves for this scenario, but are still keeping some powder dry in case of possible setbacks. Anyone who is already invested for the long term will stick with it.