“Clearly, there is a place for cryptocurrencies. Clearly, he is winning the race against gold right now, ”he said. In a similar spirit, JPMorgan published a note last month saying that institutional investors view Bitcoin as a “better hedge against inflation than gold.” “The resurgence of inflation concerns among investors has renewed interest in using Bitcoin as a hedge against inflation”the bank wrote.
Regardless, this morning’s price action illustrates the degree to which the cryptocurrency can be affected by traditional market forces.
“More and more of the traditional economic numbers are going to affect the bitcoin markets [en un] very short period of time with all these quantitative firms connected now, “a market business executive told The Block.
This morning, most cryptocurrencies were trading down in anticipation of the IPC. The crash saw other leading cryptocurrencies, including Ether and Solana, lose some of their values, causing the total cryptocurrency market capitalization to drop below the $ 3 trillion mark it had managed to achieve. However, the market started to recover a few hours ago with Bitcoin picking up the rally.
The short and medium-term outlook for the leading cryptocurrency remains positive. Over the past 30 days, Bitcoin rose 24.86% in value. Its performance to date has been impressive, increasing by over 135%. Several market analysts remain bullish that Bitcoin could hit six digits before the end of the year. BT C could soon break the $ 70,000 mark if it continues its current performance. Surpassing the $ 70,000 point could allow the leading cryptocurrency to gain strong support of around $ 65,000 and allow it to climb further in the coming days and weeks.
At the time of writing, the technical indicators are solid. The Relative Strength Index of 70 shows that Bitcoin is close to the overbought region, while its MACD line indicates that the cryptocurrency is very bullish at the moment. Psychological resistance at $ 70,000 remains a challenge for Bitcoin and successfully overcoming it could pave the way for more profit for the hours and days to come.
Source From: Ambito
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