Bitcoin

The Bitcoin price rally appears to have stalled as it struggles to breach the resistance at $31,000, mainly due to market uncertainty. Despite recent attempts to increase the price, buying pressure remains insufficient to push the coin further.Michael van de Poppe, CEO and founder of Eight Global, a European crypto consultant firm, <a href="https://www.youtube.com/watch?v=k0XgjlSH1As" rel="noopener noreferrer nofollow">suggested</a> that the recent price behavior resembles a leverage crunch. He explained, “Bitcoin had a leverage crunch in the past 24 hours, taking out all the highs &amp; going back to the start in one go".The cryptocurrency's recent surge resulted from BlackRock and several other companies submitting Bitcoin spot ETF <a href="https://www.sec.gov/Archives/edgar/data/1980994/000143774923017574/bit20230608_s1.htm" rel="noopener noreferrer nofollow">filings</a>, sparking optimism amongst investors. However, the bullish sentiment faltered when the US SEC filed lawsuits against the crypto exchanges Binance and Coinbase. Yet, at least temporarily, companies like BlackRock and Fidelity restored a sense of positivity.Unfortunately, the glimmers of hope were dimmed when the SEC rejected the proposed filings, citing a lack of clarity. Nonetheless, BlackRock, the world's largest asset manager, reacted promptly by making necessary adjustments and refiling the application, restoring buyer confidence.Read full article at <a href="https://cryptotale.org/bitcoin-price-rally-stalls-future-hinges-on-cpi-data-rally-or-crash/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Bitcoin Price Rally Stalls, Future Hinges on CPI Data: Rally or Crash?

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