Gate News bot news, although the conflict in the Middle East continues to escalate, the pump of Bitcoin may not be a short-term relief, but rather stems more from a shift in macroeconomic sentiment.
Analysts at the cryptocurrency research firm 10x Research believe that deeper macro factors may create fertile ground for the growth of Bitcoin. They stated that rising oil prices, strong bond yields, mixed labor data, and limited guidance from the Federal Reserve may drive Bitcoin's prosperity.
In addition, on-chain activities indicate that funds are quietly shifting from altcoins to Bitcoin. These reallocations and positive macro signals may lay the foundation for a strong performance of Bitcoin later this year.
Nevertheless, 10x Research stated that Bitcoin is still in a consolidation phase. However, as long as Bitcoin stays above the support level of 100,437, any short-term pullback may be limited.
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Analysis: Bitcoin is still in the consolidation phase. Macroeconomic factors and capital inflows lay the foundation for future rise.
Gate News bot news, although the conflict in the Middle East continues to escalate, the pump of Bitcoin may not be a short-term relief, but rather stems more from a shift in macroeconomic sentiment.
Analysts at the cryptocurrency research firm 10x Research believe that deeper macro factors may create fertile ground for the growth of Bitcoin. They stated that rising oil prices, strong bond yields, mixed labor data, and limited guidance from the Federal Reserve may drive Bitcoin's prosperity.
In addition, on-chain activities indicate that funds are quietly shifting from altcoins to Bitcoin. These reallocations and positive macro signals may lay the foundation for a strong performance of Bitcoin later this year.
Nevertheless, 10x Research stated that Bitcoin is still in a consolidation phase. However, as long as Bitcoin stays above the support level of 100,437, any short-term pullback may be limited.
Source: CryptoSlate