Fed Signals Hold Key to Next Bitcoin Breakout

Bitcoin has retreated from its recent high of $79,000 to around $76,900 after analysts suggested that further gains would depend on clearer signals from the Federal Reserve.

The cryptocurrency's price surge was driven in part by short liquidations and on-chain data showing large investors accumulating again.

However, analysts at CoinShares pointed out that the rally has been largely fueled by macroeconomic conditions, including moderate US inflation and a softening labor market, which have reduced expectations for further rate hikes from the Fed.