🚀Bitcoin bulls are betting on a $72,000+ price, despite failing to break the $70,000 resistance. With a $6.5 billion options expiry on May 31, 91% of these optimistic calls may become worthless.📉
But hey, who said crypto was for the faint-hearted?🤷♂️
External factors like monetary policies, economic trends, and even the government's bond-issuing capability influence BTC's price. But, the Nasdaq Composite index hitting an all-time high shows investor confidence in the U.S. Federal Reserve’s soft landing plan.📈
This plan aims for inflation to return to its 2% target while maintaining favorable corporate earnings. This scenario boosts the outlook for risk-on assets, including Bitcoin, as reduced interest rates are expected.💰
However, the approval of the spot Ethereum exchange-traded fund (ETF) in the U.S. has created competition for institutional funds. This rally was unsustainable, and it seems unlikely bulls will push Bitcoin’s price above $70,000 without short-term catalysts.🐂
What do you think? Will the bulls break the resistance or will the bears have the last laugh? Let's discuss in the comments!👇 #Bitcoin #CryptoNews #DeFi #Web3 #Technology