Some negative factors on Bitcoin such as the impact after the launch of the spot ETF and the slowdown in the US economy could help the cryptocurrency move towards the upside.
The launch of Bitcoin spot ETFs had the opposite effect despite billions of weekly inflows into them. Experts estimate that this may change as sales have slowed down. Daily flows into ETFs averaged more than $200 million last week, with average daily volume of $1.35 billion.
The current state of the US economy could also have a positive impact on Bitcoin. Market factors, including the rising US budget deficit and declining US household savings, which point to activity and inflation, raise the prospect of a better market than months ago.
Apart from this, there is also a possibility of recession in the American economy in the first quarter. He also expects a 100 basis point cut in interest rates. Halving of Bitcoin could increase the price of it and other currencies.
Bitcoin closed Sunday’s session at $42,462. The 70-period moving average is below Sunday’s candle, the RSI is down at 50 points and the MACD fast line (blue) is just above the zero level.
Medium and long-term resistance lies at $47,988. Meanwhile, EI indicators are mixed.