Bitcoin

<p style="text-align: justify">According to many analysts, if macroeconomic data continues to influence the markets, Bitcoin could enjoy a familiar momentum in the coming weeks and even thereafter. Crypto Ed, the founder of the trading group CryptoTA, drew attention to the US dollar’s strength reaching the lowest levels of the past few months in a post via X on December 14th.</p> 
<h1 id="us-data-and-bitcoin">US Data and Bitcoin</h1> 
<p style="text-align: justify">Bitcoin and the strength of the dollar are known to have an inverse correlation in the past. Although this has decreased recently, changes in US macro policy are thought to support the Bitcoin price but suppress the dollar going forward. Leading macro data pressures of the week, when combined with optimistic signals from the Federal Reserve, lead analysts to pay attention to the potential rise of the crypto market in 2024. This development could occur thanks to falling inflation allowing the Fed to pivot in its interest rate hikes, thereby increasing liquidity in favor of risky assets.</p> 
<p style="text-align: justify">The dollar, which rapidly fell this week as macro figures show the effect of monetary tightening on inflation, is not yet ready to benefit from this change. The US Dollar Index (DXY) has fallen more than 2% since the beginning of the week and is now below the $102 level, which is the lowest since mid-August.</p> 
<p style="text-align: justify">Commenting on the issue, renowned analyst Crypto Ed joined those optimistic about Bitcoin while foreseeing more downward pressure on the DXY. Referring to the all-time high levels for the BTC/USD pair, he stated in his X post:</p> 
<blockquote> 
 <p style="text-align: justify">“The Long-Term Outlook for DXY will help Bitcoin’s price teleport to new ATH levels.”</p> 
</blockquote> 
<h1 id="the-current-state-of-bitcoin">The Current State of Bitcoin</h1> 
<p style="text-align: justify">Economist Lyn Alden still defended that the conditions formed are not yet ideal to support a broad exchange of risk assets in terms of liquidity. Alden shared her views with her followers via X on December 14th:</p> 
<blockquote> 
 <p style="text-align: justify">“Global liquidity indicators have started to pause a bit after their recent rises, and reverse repos did not drain in the first half of December, but today’s dovish Fed and the potential decline in DXY potentially started a bit more liquidity.”</p> 
</blockquote> 
<p style="text-align: justify">With these developments, the BTC/USD pair was trading at the level of $42,321 at the time of writing, and after the short volatility of the previous day, it was relatively bearish. According to data from TradingView, Bitcoin showed a 13% increase in December.</p> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/the-outlook-of-bitcoin-amid-macro-economic-indicators/" data-wpel-link="internal">https://en.coin-turk.com/the-outlook-of-bitcoin-amid-macro-economic-indicators/</a>

The Outlook of Bitcoin Amid Macro Economic Indicators

Table of Contents

COINTURK NEWS

Other articles published on Dec 15, 2023

Neochromosome’s AI Tool Revolutionizes Enzyme Engineering in Collaboration with University of Edi...

Bitcoin dalam Daftar Prediksi Bitwise, Harga BTC di Puncak US$80.000 Tahun Depan

Bitget Review 2023: Bitget Exchange Fees, Features, and More

SHIB vs TON: The Battle for the 15th Spot in Market Cap

TIA Price Prediction: TIA Flying Above Bars, Will it Reach $15?

Hong Kong mobile network provider launches NFT marketplace

Join our free newsletter for daily crypto updates!