Bitcoin Higher on Positive Sentiment and ETF inflows
Today market analysis on behalf of Milad Azar Market Analyst at XTB MENA
July 10, 2024 (Investorideas.com Newswire) Today, Bitcoin (BTC) saw a positive shift as prices could be heading towards the USD 60,000 level, rebounding after multiple weeks of losses since June. The asset could benefit from traders buying the dip as they take advantage of lower prices as the asset's decline could be temporary after recovering from its lows in 2023. Strong inflows of capital into Bitcoin spot ETFs for a third day in a row, indicating increased investor interest, could support a rebound in Bitcoin prices if inflows continue. However, concerns about bitcoin liquidations from the German state could remain present, limiting the upside potential for the market. Additionally, upcoming macroeconomic indicators, like the CPI data, as well as Jerome Powell's comments before Congress could heavily impact the Bitcoin-dollar pair. Higher-than-expected inflation might prompt tighter monetary policies, potentially limiting near-term Bitcoin's bullish trend. Conversely, Bitcoin could benefit from lower inflation rates and continue on its ongoing growth trajectory.
More Info:
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp