Bitcoin Trapped Below $80K Until Fed Shifts Policy
CoinShares, a digital asset investment firm, has released its latest market analysis on Bitcoin, stating that the cryptocurrency will likely remain rangebound below $80,000 until the Federal Reserve signals a shift in monetary policy. According to CoinShares, this key resistance level is being driven by macroeconomic factors, particularly softer U.S. inflation and employment data, rather than crypto-specific catalysts.
The firm attributes Bitcoin's recent price increases to these macroeconomic developments, which have led traders to closely monitor economic indicators for clues about the Fed's next moves. This aligns with broader market sentiment, where the correlation between Bitcoin and traditional risk assets remains strong.
On-chain data indicates that large holders, known as whales, are accumulating again, a trend often seen as a bullish signal. While this whale accumulation could provide a floor under prices, it may not be enough to overcome the headwinds of a still-tightening central bank.