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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-pressure-eases-optimism-grows-at-coinbase/" data-wpel-link="internal">Bitcoin Pressure Eases, Optimism Grows at Coinbase</a> 
Popular cryptocurrency exchange Coinbase’s analysts believe that the downward pressures on <a href="https://en.coin-turk.com/analysis-of-bitcoin-charts-short-term-and-long-term-support-and-resistance-levels/" data-wpel-link="internal">Bitcoin</a> and the broader cryptocurrency market are starting to wane, potentially leading to a more supportive trading environment. 
<h2 id="bitcoin-pressure-ends">“Bitcoin Pressure Ends!”</h2> 
Coinbase’s weekly market report released on Friday detailed how certain technical factors that have been exerting downward pressure on Bitcoin and the broader crypto market are beginning to diminish. The analysts stated in their comments: 
<blockquote> 
 In our view, many technical factors depressing crypto performance are starting to exhaust, which could give way to a more supportive trading environment in the coming weeks. 
</blockquote> 
According to the report, a significant development that has helped alleviate much of the downward pressure was the completion of significant GBTC asset sales by the bankruptcy estate of FTX. Coinbase analysts referred to a recent CoinDesk report stating that the bankruptcy estate had divested 22 million GBTC shares. To bolster the claim that a more supportive trading environment is emerging, the report noted that net inflows into US spot Bitcoin ETFs were over $200 million per day last week, with total net inflows reaching $1.46 billion since January 11. The expert also stated: 
<blockquote> 
 As a result, we expect macro factors to become more relevant for the cryptocurrency class in the coming weeks, which could support performance. 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-310569 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/btcc.jpg" alt="" width="1327" height="532"> 
<h2 id="the-fed-s-impact-on-bitcoin">The Fed’s Impact on Bitcoin</h2> 
The Coinbase report highlighted the US Federal Reserve’s latest rate decision press conference. It was announced that the central bank’s quantitative tightening program would be postponed to the next Federal Open Market Committee meeting on March 19-20. Coinbase noted that this suggests the Fed’s monetary expansion cycle could likely begin on May 1, with plans to reduce the central bank’s balance sheet potentially starting in June. The report also pointed out that the Fed’s announcement on Wednesday indicated an increased likelihood of a soft landing for the US economy following the central bank’s latest rate hike cycle. The company finally stated: 
<blockquote> 
 The likelihood of a soft landing in the US appears higher than a few months ago. The economy is seemingly balancing activity and inflation with little difficulty. The Federal Reserve’s preferred price measure, core PCE inflation, is at an annual rate of 2.7%. It also follows a trend in line with the long-term target of 2% annually, and recent economic indicators show considerable resilience. 
</blockquote> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-pressure-eases-optimism-grows-at-coinbase/" data-wpel-link="internal">Bitcoin Pressure Eases, Optimism Grows at Coinbase</a></h5>

Bitcoin Pressure Eases, Optimism Grows at Coinbase

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