Bitcoin

Gary

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The post-FOMC state of the market reveals the current struggle of <a href="https://u.today/bitcoin-miners-are-capitulating-whats-happening">Bitcoin</a> miners, who are massively capitulating and closing their positions. Such a tendency could become shock therapy for the market, highlighting underlying issues that are affecting Bitcoin's <a href="https://x.com/WuBlockchain/status/1801524973506543672">recovery</a>.
Despite equities showing strong momentum, BTC is failing to gather any upward momentum. The key reason for divergence can be attributed to post-halving capitulation by BTC miners that, in essence, is capping the price at this level. Increasing the costs of operations and lower reward structures results in massive sell-offs by BTC miners, laying on bearish pressure and not allowing the <a href="https://u.today/legendary-trader-peter-brandt-predicts-pain-and-pump-for-bitcoin-price">BTC</a> to catch up with good signals on the broader financial markets.
<img alt="BTCUSD" data-entity-type="file" data-entity-uuid="57a821d6-1be0-401b-ac78-317505d222c8" src="https://u.today/sites/default/files/inline-images/image_897.png"><a href="https://www.tradingview.com/">Bitcoin/USD Chart by TradingView</a>
It is further worsened by the extent that Flowbank, a bank featuring a tri-party agreement with Binance, is in bankruptcy proceedings. Generally speaking, this development complicates market dynamics for Bitcoin even more.
We are in for basically a quiet summer, with no clear catalyst to drive the market either way and a lower volatility environment. Gary Gensler of the SEC has given a signal that a spot <a href="https://u.today/298000-ethereum-eth-in-24-hours-whats-happening">ETH</a> ETF might get approved toward the end of the summer, but that would not be an immediate catalyst for BTC. The market is just in a holding pattern, waiting for significant news or events to guide it.
This makes it a strategic window for Ethereum, or ETH, traders. With ETH volatility at a 10 vol premium to BTC and the spread likely shrinking on ETH overwriters returning and anticipating ETH spot ETF approval, this quiet summer may be a good time to be involved in accumulation trades for ETH and a strategic redistribution of risks, to avoid complications in periods of high volatility.

Key Reason Why Bitcoin (BTC) Is Struggling Now

U_Today

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