Bitcoin Pulls Back After This Year's Highs: A Look at Market Dynamics and Future Expectations
Summary:
The once vigorous surge that brought Bitcoin (BTC) a commendable 66.1% gain since the start of the year seems to be fading away as the cryptocurrency witnessed a 9.4% dip in the last 6 months. The crypto market is drawing parallels between the present Bitcoin scenario and the pre-bull market cycle of 2015-2017, especially after $28,000 morphed into a significant resistance barrier. Volumes in Bitcoin trading are on a declining spree, which observers attribute to lack of buyer support coupled with the decreasing dominance of Binance in the market for the seventh consecutive month. Institutions, however, seem unfazed by the momentary instability and continue to be bullish about Bitcoin’s prospects. Despite the SEC not giving a nod to Bitcoin ETFs, including BlackRock's application, it has not overshadowed the hopes of a bull run sparked by macro factors such as interest rate cuts and ETFs. Market veterans are still optimistic about Bitcoin's recovery amidst escalating geopolitical tension, regulatory actions, and interest rate hikes.
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Published At
10/9/2023 4:01:15 PM
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