Matrixport: BTC may see a larger rebound
Matrixport has released a new report stating that Bitcoin may experience a larger pullback.Matrixport states that since BTC hit a historic high on March 5th, it has attempted to break through three times but has failed each time. The first and third attempts failed due to inflation data being higher than expected. The second attempt failed due to stronger-than-expected manufacturing data causing a rise in US bond yields and a decrease in interest rate expectations.Matrixport believes that there is ample evidence to suggest that Bitcoin trades primarily based on macroeconomic data, and unless this data becomes more favorable, such as a decrease in inflation or weak growth, Bitcoin may struggle.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin should be treated as a commodity, like gold: Cantor Fitzgerald CEO
US Charges Russian Nationals in Billion-Dollar Cyber Money Laundering Case
VeChain Mainnet Activity Skyrockets with 1.4 Million Clauses Executed
5 Cunning Cryptojacking Schemes Revolutionizing the NFT Landscape