Trump’s Speech Wasn’t Enough to Boost Bitcoin Prices

The cryptocurrency market needs a stronger trigger than former U.S. President Donald Trump's recent remarks on Bitcoin to achieve a major breakout, analysts suggest.

According to QCP Capital, Trump’s speech aligned with market expectations but wasn’t enough to drive Bitcoin past its previous highs. They believe that more significant market movements might occur closer to the U.S. elections when political platforms become clearer.

Bitfinex analysts also point to recent trends indicating Bitcoin may remain in a limited trading range. They noted a decline in options volatility and an increase in leveraged positions, suggesting stability in the short term. However, easing monetary policy could provide Bitcoin with key support and potentially boost its price.

In tandem with these insights, equity markets saw positive movement on Monday, with the S&P 500 and Nasdaq both gaining. The global cryptocurrency market cap rose to $2.55 trillion, reflecting a modest increase.

Bitcoin has shown a tendency to follow the performance of equity markets, particularly the tech-heavy Nasdaq. This correlation suggests Bitcoin may be acting more like a macro asset.

Source