Bitcoin Range-Bound Below $80k Pending Clear Fed Policy Shift

CoinShares believes Bitcoin will continue to fluctuate within a narrow range in the short term. The asset manager thinks that the US$ 80 thousand region is an important resistance level for Bitcoin. According to CoinShares, a more decisive breakout move would depend on clearer confirmation from the Federal Reserve about changes in policy risks and a shift away from further monetary tightening.

The recent rise of Bitcoin was mainly driven by macroeconomic factors such as slowing inflation and employment data in the US. However, on-chain data shows that whales have resumed accumulation. Analysts suggest that the market remains sensitive to the macro scenario and is still seeking confirmation before attempting a more consistent move.