As an analyst with a background in financial markets and experience in following Bitcoin’s price action closely, I find it impressive that Bitcoin has logged its second-highest weekly close at $69,640 despite facing some macroeconomic headwinds. The cryptocurrency’s failure to break through the $72,000 resistance level due to strong US job gains and the potential impact on the Federal Reserve’s monetary policy is a significant hurdle for the market.
Bitcoin, the largest cryptocurrency in terms of market value, has achieved its second-largest weekly closing price to date.
The crypto king ended Sunday at $69,640 after experiencing a rather volatile week.
On June 7th, the top cryptocurrency reached its highest price of $71,949, marking a new peak since May 21st. Yet, it couldn’t surpass the $72,000 threshold due to robust US job growth figures in May. The powerful labor market could hinder the Federal Reserve from implementing interest rate cuts in the coming days. Generally, investments like cryptocurrencies tend to thrive under easier monetary policies.
In spite of the challenging macroeconomic conditions, Bitcoin enthusiasts remain optimistic about regaining the $70,000 mark, as the leading cryptocurrency is presently valued at $69,540 on the Bitstamp platform.
Last week, large amounts of Bitcoin flowed into spot Bitcoin exchange-traded funds (ETFs), which could potentially serve as significant fuel for the market’s upward trend.
Currently, the cryptocurrency is trading within a set price range. As per Mike Novogratz, CEO of Galaxy Digital, it needs to break through the $73,000 barrier for it to enter a new price range and potentially reach beyond $100,000.
Bitcoin reached an all-time high of $73,794 in March, resulting in its weekly close at a record-breaking $71,285. However, following this achievement, Bitcoin underwent a significant correction. By May 1, the cryptocurrency had dropped as low as $56,500 due to decreasing ETF inflows and mounting concerns over stagflation, which were amplified by notable figures like JPMorgan CEO Jamie Dimon.
Despite Bitcoin’s recent recovery, it hasn’t managed to surpass the $70,000 mark. According to U.Today’s report, long-term Bitcoin investors selling their coins to new ETF investors could be the reason behind the market’s current instability and lack of control by the bulls.
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2024-06-10 09:31