- Bitcoin maintains sideways trading as analysts see a bullish breakout.
- Bitcoin’s Bullish Momentum Hints at Potential $70k Rally.
- Indicators indicate mixed market sentiment for BTC.
In the past two months, Bitcoin has maintained a sideways trading pattern following a significant rally that drove its price past previous all-time highs. This period of stability raises questions about what might drive Bitcoin into the next phase of growth.
According to Cryptoquant analyst Gustavo Faria, historical surges in Bitcoin’s value have often aligned with notable increases in the global money supply (M2), indicating high liquidity and a strong investor risk appetite. Such conditions typically attract considerable new capital to the market, leading to peaks driven by retail investor FOMO (fear of missing out).
However, this trend has not manifested in the current cycle. Despite a modest increase in global liquidity benefiting Bitcoin over the last year, early this year, the year-over-year change in M2 returned to neutral levels. This change comes in the wake of consistent inflation data in the U.S., prompting a revision in the market’s expectations for interest rate cut…
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