Weekly Wrap – Bitcoin Reclaims $29K
Virtual digital assets or VDAs were subject to conflicting narrative this week. Leading digital currencies such as Bitcoin, Ether, other made a repeated attempts at breaking free from the range-bound zone with little success.
Several factors weighed on investor sentiment including the Federal Reserve interest rate decision, employment survey amid earnings season.
Conflicting narratives of a hawkish Fed and strong employment with sticky inflation are holding back breaking to new highs, while positioning in the USD is heavily skewed to the short side, the trading firm wrote.
Bitcoin hovers around $29,000 level on renewed buying activity. The most popular coin was last trading 0.15% up at $29,215 and ether is down 0.05% to $1,899. Meanwhile, the frog-themed PEPE coin is up almost 80% in the last 24 hours. However, experts are skeptical about sustaining power the frog coin.
Analyst say nobody can make sense of this market. There’s both high selling pressure because of an uptick in exchange reserves. High Coinbase premium and a high Korean premium indicating a lot of buying pressure.
You need to login in order to Like
