The rest of the cryptocurrencies also operate with notable declines such as Solana (SOL) up to 5%, Cardano (-5.3%), Shiba INU (-4.3%), Polkadot (-4.5%) and Chianlink (- 6.9%).
The cryptocurrencies they are still depressed. He bitcoin (BTC) It deflated 1.9% in the last 24 hours and is slightly above US$61,000. Meanwhile, Ethereum falls 5.3% and loses its key value at US$3,000.
On the other hand, the rest of the cryptocurrencies also operate with notable declines such as Solana (SOL) up to 5%, Cardano (-5.3%), Shiba INU (-4.3%), Polkadot (-4.5%) and Chianlink (-6.9%).
As we have been saying in recent days, andThe ‘halving’ has failed to boost cryptocurrency prices. As argued by some experts such as Markus Thielen, founder of 10x Research, the narrative around the halving event did not correspond to reality, since it occurred in a very different environment (high inflation, high interest rates) than of the rest of the ‘halvings’. And the perspectives that the market considered are not valid now either.
“I think a lot of the bitcoin rally is based on erroneous perspectives. I think what’s really crucial is that exchange-traded fund flows (ETF) They didn’t stop out of nowhere, They stopped around March 12, when the inflation reading and the Producer Price Index came out. “This bitcoin rally was largely driven by expectations that interest rates would be cut and this narrative is now being seriously questioned,” this expert explained.
Cryptocurrencies: the key at the Fed
The latest macroeconomic data known in the United States, such as the Gross Domestic Product (GDP) or PCE inflation, paint a very complicated scenario for the Federal Reserve (Fed) will lower rates in the coming months… and who knows if in the remainder of 2024. Data from CME’s FedWatch tool show that the consensus is in favor of a first drop in interest rates in September, but more and more voices are reflecting on interest rates. interest at 5.25% for the remainder of the year.
“The discussion about whether Federal Reserve is taking a protective approach to growth is particularly relevant. There appears to be an emerging consensus that the Fed is calibrating its stance to protect the asymmetric growth which should, in theory, minimize interest rate concerns as long as the broader economy, including households and businesses, continues to show strength,” said Javier Molina, senior market analyst at eToro.
According to this expert, the Fed “appears to be taking a more balanced stance toward the risks of its mandate compared to the previous year, suggesting that, despite persistent inflationcould be more inclined to protect economic growth in 2024.”
Bitcoin: what to expect with the price
From a technical point of view, Molina stressed that we are still within the range between US$60,000 and US$72,000 that bitcoin has been respecting in recent times. “Until prices exceed that level of 72,000, we are witnessing a correction process in the form of time consumption within the range. Right now, the initial support is at 62,000 and only if 59,000 is lost will we think about a major correction. Above, resistance at 685.00; If it jumps them, it will try to attack 72,000 and, if successful, will signal new bullish momentum,” he stated.
Source: Ambito
