this week Bitcoin And cryptocurrency It has been a critical week for the market. For US CPI and PPI with data Fed announced the interest rate decision.
BTC, which approached $70,000 after the positive CPI data on Wednesday, fell back to $67,000 after the FED decision.
Continuing the downward momentum BTCstarted the last day of the week with a decline and is at $66,870.
Evaluating the current situation of Bitcoin QCP Capital analysts said that a quiet summer period awaits the BTC and cryptocurrency markets.
Stating that BTC could not maintain its upward momentum after the FOMC despite the strong momentum in stocks, but struggled to recover, QCP analysts pointed to the miners for the downward momentum in Bitcoin.
Bitcoin miners need to continue operations after April’s halving BTC Analysts stated that the price was sold and that these sales put pressure on the price, and listed other reasons for the decline as follows:
“Bitcoin is struggling to recover post-FOMC despite strong momentum in stocks.
Why this momentum is occurring: We think this is due to BTC miners being capitulated after the halving and the price making ATH before the halving.
Additionally, Flowbank, one of the banks with which Binance has a tripartite agreement, is currently facing bankruptcy proceedings.”
Explaining what awaits the BTC and crypto markets in the coming months, analysts expect a quiet summer period.
Analysts stated that the horizontal trend will continue and pointed out that there is no clear catalyst that would direct BTC and the market up or down.
Gensler’s spotlight Ethereum Analysts remind that they expect ETF approval to occur at the end of summer. ETH He added that they did not expect it to cause an explosion in price.
*This is not investment advice.
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