Bitcoin's 6.1% Daily Decline May Just Be The Beginning, Warns 10x Research
Portfolio Pulse from Khyathi Dalal
Bitcoin experienced a 6.1% decline, trading at $62,620, with 10x Research indicating potential further declines due to ETF flow data, Federal Reserve's stance on interest rates, and macroeconomic factors. The firm also noted a trading signal for Ethereum's price decline as a hedge against Bitcoin. Macro factors like U.S. bond yields, rate cut expectations, and inflation are highlighted as influencing Bitcoin's short-term price, with a volatile price movement of +10% or -10% expected in the next 10 to 20 days. Despite challenges, a rally above $70,000 could signal higher levels for Bitcoin.
March 19, 2024 | 6:01 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Bitcoin's price fell by 6.1% to $62,620, with potential further declines due to ETF flow data, Federal Reserve's interest rate narrative, and macroeconomic factors. A volatile price movement of +10% or -10% is expected in the next 10 to 20 days.
The decline in Bitcoin's price and the potential for further drops are directly tied to ETF flow data, the Federal Reserve's stance on interest rates, and macroeconomic factors. These elements are crucial for short-term price action, making the asset likely to experience volatility and possibly further declines.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100