Regarding macroeconomic factors, the US inflation data for March, which will be known soon, could influence Bitcoin prices.
Bitcoin and Ethereum lose up to 2.6% and doubts persist about the halving
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Cryptocurrencies show a moderate correction after registering notable increases in the previous session. He Bitcoin (BTC) managed to reach US$72,000, but its stay above this level was brief, as it is now trading above the US$70,000. Meanwhile, Ethereum (ETH) stands out, it falls to a lesser extent (-0.9%) and is around US$3,650.
As for other ‘altcoins’, the trend is mixed. Toncoin’s impressive rally is surprising (TON), which has increased 25% in the last day; In addition, cryptocurrencies such as XRP, cardano (ADA), avalanche (AVAX), shiba inu (SHIB) or polkadot (DOT) also show increases. On the other hand, solana (SOL) and dogecoin (DOGE) register slight declines.
ETH’s notable rally has been the standout news of the week so far. According to analysts at Kaiko Research, this is largely due to market interest in decentralized finance (DeFi) protocol Ethena and its native token ENA, which has seen its total value locked (TVL) rise to over $2.2 billion. . In addition, its synthetic stablecoin USDe has incorporated bitcoin as collateral.
Experts suggest that an aggressive repositioning of the market, which had opted for Bitcoin to lead the next bullish movement, also plays a role. However, It seems that this rise is not related to a possible approval of ETH spot exchange-traded funds (ETFs) in the first halfas the US regulator is expected to delay its decision beyond June.
Halving in sight
The focus remains on Bitcoin, with the next halving scheduled for April 19-20. Although halvings have traditionally coincided with bullish cycles, pessimistic voices are gaining strength this timesuggesting that the impact on prices may not be as significant as in the past.
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There is uncertainty about the future behavior of Bitcoin prices, especially with the success of BTC ETFs, the effect of which could have partially anticipated the potential halving momentum. However, BTC and ETH perpetual futures open interest has reached all-time highs in dollar terms, indicating strong activity in the derivatives market.
Regarding macroeconomic factors, the US inflation data for March, which will be released soon, could influence Bitcoin prices. A rise in inflation could support the recent tightening stance of the Federal Reserve (Fed).
From the technical point of view, Markus Thielen, an analyst at 10x Research and Matrixport, suggests that bitcoin’s recent bullish move puts it in a favorable position to reach new all-time highs. YesAccording to Thielen, a bullish breakout could take bitcoin above $80,000 in the coming weeks.
Source: Ambito
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