"Bitcoin rebounds amid market uncertainty... Too early to judge as a bullish reversal"
Summary
- Bitcoin has rebounded amid recent macroeconomic uncertainty, but experts have analyzed that it is too early to judge this as a bullish reversal.
- Bitfinex stated that Bitcoin is showing relative strength compared to the U.S. stock market, but this does not mean a structural bullish reversal.
- It was stated that if Bitcoin withstands CPI announcements, statements related to Federal Reserve Chairman Jerome Powell, and stock market volatility due to corporate earnings announcements, a structural bullish reversal may be possible.
Bitcoin (BTC) has recently rebounded significantly amid macroeconomic uncertainty, but experts have analyzed that it is too early to judge this trend as a bullish reversal.
On the 24th (local time), a Bitfinex market note cited by Cointelegraph stated, "Bitcoin is showing 'relative strength' compared to the U.S. stock market, but it is too early to judge this as a structural bullish reversal." It explained that in the past, Bitcoin has repeatedly rebounded temporarily and then returned to the market average.
Furthermore, Bitfinex diagnosed that "if Bitcoin withstands future consumer price index (CPI) announcements, statements related to Federal Reserve (Fed) Chairman Jerome Powell, and stock market volatility due to corporate earnings announcements, a structural bullish reversal may be possible."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
