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.
Bitcoin may not have reached its peak in the current market cycle, according to a recent analysis by crypto analytics firm Alphractal.
BlackRock’s iShares Bitcoin Trust (IBIT) has officially crossed the 700,000 BTC mark, reinforcing its position as one of the fastest-growing exchange-traded funds in financial history.
Bitcoin may be gearing up for a significant move as its volatility continues to tighten, according to on-chain insights from crypto analyst Axel Adler.
Two major developments are converging in July that could shape the future of Bitcoin in the United States—both tied to President Trump’s administration and its expanding crypto agenda.