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Weekly Bitcoin Review: BTC remains stable around $103,000 amid growing optimism and institutional interest.
The price of Bitcoin stabilized around $103,000 by Friday after several attempts to break through the critical resistance level of $105,000 during the week. Market sentiment leaned towards risk, supported by favorable global trading events, increased corporate accumulation, and inflows from spot ETFs. However, traders remain cautious as the now-defunct FTX exchange announced a second round of payments to creditors, which could trigger volatility in the cryptocurrency market.
Global trade agreements and lower inflation strengthen the risk appetite for investments
Global markets were lifted this week by significant trade breakouts and weakening inflation in the United States. On Monday, the U.S. and China reached a temporary 90-day agreement to cut tariffs. That deal reduced U.S. tariffs on Chinese goods from 145% to 30% and Chinese tariffs on U.S. imports from 125% to 10%. The talks, led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, signaled progress in U.S.-China trade relations.
Moreover, a separate trade agreement between the USA and the UK further reduced uncertainties in global trade. Investors welcomed these developments, which bolstered confidence in riskier assets such as Bitcoin.
The optimism is bolstered by the fact that the United States signed a historic trade agreement with Saudi Arabia on Tuesday worth $600 billion. Combined with weaker-than-expected data on the consumer price index in the U.S. (CPI), these factors strengthened expectations for a potential reduction in interest rates by the Federal Reserve. Analysts at QCP Capital noted that the reduction of tariffs and improved trade diplomacy have led to positive sentiment in the markets.
Despite these positive macroeconomic trends, the Federal Reserve remains cautious. While markets expect the first rate cut by July, QCP analysts suggest that September may be more likely, as the central bank seeks additional economic clarity. Recent forecasts indicate fewer rate cuts in 2025 than previously expected, signaling a more measured approach by the Fed.
Bitcoin holds the range amid improving market conditions
Despite the improvement in the global economic backdrop, Bitcoin's price movement this week remains limited, trading in a range from $100,700 to $105,000. Despite the persistent bullish sentiment, traders are advised to monitor for potential market disruptions, especially regarding the upcoming payouts from FTX, which could impact liquidity and market dynamics in the coming weeks.
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