Analysis of the reasons why $BTC failed to break through $72,000

$BTC failed to break through $72,000, mainly due to regulatory uncertainty and macroeconomic turmoil. Although unrealized losses in the U.S. banking sector have driven BTC's bullish momentum, the conservative stance of lawmakers remains a major obstacle.

The United States is moving towards regulatory transparency, especially the Democratic Party's vote to repeal the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121. In addition, the SEC's approval of spot exchange-traded funds (ETFs) also signals positive. However, President Biden vetoed the repeal of the SEC Act 121, indicating that the crypto market still has work to do.

U.S. financial institutions have incurred $517 billion in accounting losses due to high interest rates. Printing more money will be good for BTC, and a similar scenario to the collapse of Silicon Valley Bank and Silvergate Bank in 2023 may repeat itself.

Nevertheless, BTC prices may fall before negative macroeconomic events occur. When the stock and bond markets are damaged, BTC may fall first. Buy BTC before the final rebound in anticipation of a price correction.

This BTC stock market performance, such as the rise of stocks such as NVIDIA and GameStop, also reduced the demand for BTC. UBS analysts expect the Federal Reserve to cut interest rates twice this year, creating a good background for the stock market.

In short, although BTC is expected to hit a new high in 2024, the enthusiasm for pushing the price to $2,000 in the short term is still limited.

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