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Bitcoin ignores ETF outflows and rebounds strongly after Jerome Powell’s words

Bitcoin ignores ETF outflows and rebounds strongly after Jerome Powell’s words

He Bitcoin (BTC) price is rising following the Federal Reserve’s latest monetary policy announcement, in which the bank left interest rates unchanged at 5.25-5.5% for the fifth consecutive meeting and predicted three rate cuts in 2024.

Bitcoin was trading above $67,000, with an increase of around 6% in the last 24 hours. The price of BTC thus rebounds more than 10% from the previous session lows, below $61,000.

Markets appear to be rallying with relief that, despite recent higher-than-expected US inflation numbers and activity data, the Fed appears set to cut interest rates three times later this year. .

ANDThis caused the US dollar and US yields to fallMeanwhile he S&P 500 rose 1% to new record levels. That’s great macro context to help Bitcoin price regain lost ground.

Bitcoin is demonstrating some difficulties amid a wave of selling pressure related to profit-taking since hitting all-time highs above $73,000 last week.

What’s next for Bitcoin price?

Bitcoin’s recovery from intraday lows strongly indicates that the bulls are not defeated. With macro tailwinds, three weeks after the halving, and Bitcoin ETF net inflows into the spot are likely to riseBitcoin could be ready for a quick push back to its all-time highs at $73,000.

Wednesday’s closing will be important. Bitcoin price must confirm a break above its recent downtrend channel.

That would signal a possible end to the recent downtrend. Although it appears to have broken that bearish streak, a close above $67,000 would greatly increase bullish confidence.

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While not an insignificant amount, Bitcoin has shown its resilience by ignoring ETF outflows and rallying aggressively. Some analysts see this as a sign that the market is becoming less reliant on demand for institutional products to drive prices higher.

However, continued ETF selling pressure is likely limiting upside potential for now. Any rotation back towards entries into these core funds could provide a much-needed boost to Bitcoin’s momentum.

And with the halving event just a month away, Investors are closely watching the impact that could have on the price of the currency.

Source: Ambito

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