BTC drops further in the next couple of days; rebound next week
The cryptocurrency trend was mixed over the past 24 hours ahead of the Federal Reserve’s interest rate decision tomorrow. The benchmark interest rate is expected to be left unchanged at 5.25 percent; a 23-year high.
Investors will instead carefully analyze the wording about its future path. Some analysts expect three rate cuts later this year, while others forecast one or none as inflation concerns have reemerged in recent weeks. High interest rates do not support risky assets such as cryptocurrencies.
Meanwhile, the outflows from the largest spot Bitcoin exchange traded funds (ETFs) approved in the US continued for the fourth consecutive day. Last week, digital investment products (including the above-mentioned ETFs) saw outflows for a third consecutive week, the asset manager CoinShares reports. The majority of the outflows were recorded by the incumbent Grayscale ETF, GBTX, which was converted into an ETF in January.
The price of Bitcoin has dropped almost 10 percent over the past month, Trading View’s Bitcoin chart shows but rose 1.3 percent to $63,128 over the past 24 hours.
Bearish clouds linger over Bitcoin, Litecoin, Ripple’s XRP, Cardano, Avalanche and the other altcoins covered by ATTMO in the next 24 hours, signaling downside pressure. The sun will break through for Bitcoin not before the next week.
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Investors will instead carefully analyze the wording about its future path. Some analysts expect three rate cuts later this year, while others forecast one or none as inflation concerns have reemerged in recent weeks. High interest rates do not support risky assets such as cryptocurrencies.
Meanwhile, the outflows from the largest spot Bitcoin exchange traded funds (ETFs) approved in the US continued for the fourth consecutive day. Last week, digital investment products (including the above-mentioned ETFs) saw outflows for a third consecutive week, the asset manager CoinShares reports. The majority of the outflows were recorded by the incumbent Grayscale ETF, GBTX, which was converted into an ETF in January.
The price of Bitcoin has dropped almost 10 percent over the past month, Trading View’s Bitcoin chart shows but rose 1.3 percent to $63,128 over the past 24 hours.
Bearish clouds linger over Bitcoin, Litecoin, Ripple’s XRP, Cardano, Avalanche and the other altcoins covered by ATTMO in the next 24 hours, signaling downside pressure. The sun will break through for Bitcoin not before the next week.
Follow us for more crypto news and weather reports!
Find out more detailed forecasts at www.attmo.ai/