Bitcoin Breaks Past the $43,000 Barrier Again
Bitcoin saw a resurgence, crossing the $43,000 mark on Monday after a two-week lull.
Bitcoin witnessed a significant price drop last week, when the cryptocurrency fell back to $38,000. Nevertheless, the bulls gained momentum and the price stabilized above $43,000.
The market was abuzz with speculation about the potential halting of interest rates at the upcoming Federal Open Market Committee meeting.
There were hints of a slowdown in outflows from Grayscale Investments’ spot Bitcoin ETF. Bloomberg Intelligence ETF analyst James Seyffart noted early trading activity, highlighting IBIT’s lead over GBTC in volume. He hinted at the possibility of a shift, stating, “Today might witness one of the newborn nine trading more than GBTC. Currently at $155 million compared to $113 million.”
Market movements on Tuesday triggered the liquidation of over $60 million in cryptocurrency short positions, according to Coinglass data. In the last 24 hours, liquidated bitcoin leveraged positions spiked to over $40 million, with shorts accounting for over $24 million.
This uptick in Bitcoin’s value coincided with the prevailing market expectation of the Federal Reserve maintaining current rates at the FOMC meeting. The CME FedWatch tool indicated a high probability, around 97.9%, of the Fed funds rate remaining within the existing target range of 5.25%–5.50%.
READ MORE: Bitcoin’s Potential Rally: New Patterns Spark Analyst Interest
Ryze Labs highlighted bitcoin’s classification as a “risk-on” asset, suggesting its potential to outperform in a robust bull market, especially in the event of a rate pause and potential rate cuts.
The 1-day technical analysis from TradingView paints a bullish picture with the summary pointing at “buy” with 14 signals, the MA at “strong buy” with 13 signals, while the oscillators remain at “neutral” with 8.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
