Bitcoin continues to trade within its range, seemingly unperturbed by an upcoming monthly close that could decide the next few months for the king of the cryptocurrencies.
Bitcoin operates best in high liquidity environment
The range between around $70,000 down to $60,000 has been containing the bitcoin price since mid-March. Seemingly unconcerned with world geopolitical events, deteriorating economic data, and the like, bitcoin is travelling sideways with investors and traders uncertain of what could be its ultimate direction.
Each time the US Federal Reserve puts out statements that it is likely to cut interest rates, inflation data comes in that suggests that the Fed will keep rates higher for longer.
Bitcoin operates at its best in a lower rates and higher liquidity kind of environment, and as things stand this is just not the case. Not yet anyway. The next release of CPI data on 15 May will be very interesting to see.
Will bitcoin fall out of its bull flag?
Source:
We współpracy z: https://cryptodaily.co.uk/2024/04/bitcoin-upcoming-monthly-close-will-be-crucial
