Why Bitcoin Can’t Reach $30,000? 🥹
Bitcoin’s recent price surge to $28,600 gave hope to investors, but it faced setbacks.
The launch of Ether futures #ETFs didn’t generate much activity, and concerns about an economic downturn were voiced by US Federal Reserve representatives.
While #bitcoin briefly held above $27,500, three critical factors hindered its progress: decreasing trading metrics, macroeconomic pressures, and dwindling hope for a spot Bitcoin ETF approval.
Spot trading volumes fell, indicating reduced institutional involvement. The BTC futures premium remained low, signaling a lack of demand for leveraged long positions.
Lastly, waning confidence in a spot Bitcoin ETF’s approval added to Bitcoin’s challenges in breaking the $28,500 #resistance level.
