Bitcoin has surged above $65,000 in the past 24 hours, driven by positive US employment data and new reports on China’s economic stimulus measures.
However, some analysts Bitcoin (BTC) Noting that its performance lags behind US stocks and Chinese stocks cryptocurrency It raises questions regarding its short-term momentum.
Nansen analyst Aurelie Barthere observed that Bitcoin has underperformed compared to US stocks and Chinese markets since Beijing announced stimulus packages. “The Hang Seng and Chinese stocks have outperformed Bitcoin since the incentives were announced,” Barthere said. “One reason for this may be that China’s measures primarily affect the domestic economy rather than the impact on the global or US economy.”
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While global stock markets rose on the Chinese government’s pledge to inject $284 billion in government spending and implement interest rate cuts, Bitcoin’s price action has been less pronounced. US jobless claims also fell by 4,000 last week to 218,000, the lowest level in four months, further supporting market optimism.
Despite the positive signals, Bitfinex analysts have expressed concerns about market uncertainty, which they believe is hindering Bitcoin’s ability to attract passive flows. “Risky assets, including Bitcoin, are currently unable to attract passive flows. “Uncertainty must decrease for asymmetric passive demand to return to Bitcoin flows,” he commented.
*This is not investment advice.
Source: Bitcoinsistemi.com