Analyst: Bitcoin Expected to Trade Sideways in the Coming Weeks

WikiBit 2023-11-22 16:38

Some traders anticipate that Bitcoin will experience a period of consolidation in the coming weeks, citing uncertainty about the next steps from the Federal Reserve and a key regulatory decision regarding an ETF being delayed, causing recent upward momentum in Bitcoin to stall.

Yukari Kusu, an analyst at the Japanese exchange Bitbank, stated in a report on Tuesday: “Bitcoin's upside has been capped at the psychological level of $38,000. One reason Bitcoin failed to break through this level is that the SEC postponed last Thursday Hashdex's application to convert its existing Bitcoin futures ETF into a spot ETF.”

Meanwhile, analysts at the

cryptocurrency

exchange Bitfinex mentioned in a report on Tuesday that they expect the Federal Reserve to keep interest rates steady at its December meeting: “Overall inflation has significantly decreased from the beginning of the year, which should give the Federal Reserve enough room to keep interest rates steady at its December meeting. This aligns with the current expectations in the Federal Reserve futures market and its goal of maintaining economic expansion.”

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