Bitcoin Price Signals Market Hesitation, But Here’s Why Standard Chartered Is Still Optimistic

Bitcoin (BTC) continues to wrestle with the $64,000 threshold on Wednesday, buying and selling up 0.3% at $63,850, whereas market consultants level to more and more bullish sentiment and potential catalysts for further growth.

Regardless of the cryptocurrency’s short-term battle to interrupt decisively above this degree, analysts have famous a number of constructive indicators that would gas Bitcoin’s subsequent leg up.

Ethereum, in the meantime, is down 1%, buying and selling at $2,625, based on data from CoinGecko.

U.S. spot Bitcoin ETFs proceed to indicate power, marking their fourth consecutive day of internet inflows. On September 24, these ETFs noticed a complete internet influx of $136 million, with BlackRock’s iShares Bitcoin Belief (IBIT) main the pack with $98.8 million in deposits. Ethereum spot ETFs additionally carried out effectively, with a complete internet influx of $62.5 million, primarily pushed by BlackRock’s ETHA at $59.2 million, based on data from SoSo Worth.

In a word despatched to Decrypt, Geoffrey Kendrick, International Head of Digital Belongings Analysis at Customary Chartered, mentioned final week’s FOMC choice and the steepening of the U.S. Treasury yield curve have supported Bitcoin, referencing the yield curve unfold now at +21 foundation factors.

The yield curve unfold at +21 foundation factors means the 10-year U.S. Treasury bond yields 0.21% greater than the 2-year bond, he wrote. A steeper curve alerts optimism about future financial development, which might assist greater Bitcoin costs.

“This speedy tempo of accumulation suggests extra than simply greater costs—there’s a perception that broader market situations are favoring Bitcoin, particularly after VP Harris’ comments encouraging the crypto business,” Kendrick mentioned.

In response to AltIndex, sentiment round Bitcoin has surged to 83 on a scale of 0 to 100, marking a big shift in market optimism. After weeks of impartial sentiment, the constructive outlook has given rise to hypothesis that Bitcoin may quickly break through its current resistance.

“Google search tendencies for Bitcoin are beginning to climb, hinting at rising curiosity within the cryptocurrency. This uptick in searches might be an early signal of a brand new bull cycle,” the noted.

Talking with Decrypt, Avinash Shekhar, Co-founder and CEO of Pi42, a crypto derivatives agency in India, mentioned Bitcoin wants market momentum to interrupt via the $65,000 barrier. He added that whereas Ethereum can also be displaying bullish trajectories, merchants and traders concern an opportunity of a bearish dip to $2,500.

“China’s announcement of charge cuts additionally fueling bullish momentum within the crypto market,” he mentioned, cautioning that bullish market point out the opportunity of extra good points, however obstacles embody resistance levels and a slowing market.

“Traders are optimistic for market development focusing on $65,000 for BTC, $2,700 for ETH, and $650 for BNB. This bullish development and development can attract new investors or traders,” he added.

Edited by Stacy Elliott.