💦💦Analyst Said Bitcoin Is Comfortable in the Short Term: This Is Why It Cannot Rise from $60,000! 💦💦
While the reasons for the stagnation in Bitcoin's price are becoming clear, it has been suggested that the selling pressure may decrease in the short term. Bitcoin is approaching the longest stagnant period in its history with its market following a sideways trend for 285 days. The reasons for this stagnation include uncertainties about the US elections and the increase in treasury bond yields.
SOFA manager Augustine Fan explained the factors behind the price stagnation in Bitcoin. According to Fan, increasing bond yields and the S&P 500 index being at record levels are strengthening the dollar. Stating that the appreciation of the dollar has a negative effect on Bitcoin and the cryptocurrency market, Fan stated that this is why the price is hovering around $60,000.
Mt. Stating that Gox payments could ease the selling pressure in the short term, Augustine Fan emphasized that the effect of extending the repayment period by one year on supply remained uncertain. He drew attention to the possibility that investors would review their positions and market dynamics would reshape as the election process approaches.
CryptoQuant CEO and founder Ki Young Ju stated that if a bull market does not start in the next 14 days, Bitcoin will have experienced its longest sideways movement period in the halving year.
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