As Bitcoin (BTC) and Altcoins Brace for Summer, Analysts Share Expectations
As the week unfolded with crucial data releases from the US, including CPI and PPI figures, and the Federal Reserve’s interest rate decision, the cryptocurrency market saw significant movements.
Bitcoin, which surged close to $70,000 following positive CPI data, retraced back to $67,000 post the Fed’s announcement. With a downward trend persisting, BTC opened the last day of the week at $66,870.
QCP Capital analysts weighed in on the current state of Bitcoin, foreseeing a calm summer period for BTC and the broader cryptocurrency markets. Despite strong stock market momentum, BTC struggled to sustain its upward trajectory post-FOMC, with miners being cited as a key factor contributing to the downward pressure on Bitcoin.
It was noted that miners selling off BTC post the April halving to support their operations had exerted selling pressure on the price. Other factors cited for the decline included the historic high before the halving and Flowbank, a bank in a tripartite agreement with Binance, facing bankruptcy proceedings.
Looking ahead, analysts predict a quiet summer marked by horizontal trading patterns, with no clear catalysts expected to drive BTC and market movements. While SEC Chairman Gary Gensler anticipates the approval of spot Ethereum ETFs by the end of summer, analysts do not foresee ETF approvals sparking a surge in ETH prices.
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