Bitcoin could rise again with a 'favorable global climate'

Source: Exame Original Title: Bitcoin may rise again with ‘favorable global climate’ Original Link: This Thursday, the 4th, bitcoin continues to trade above $90,000 in a solid recovery movement. The world’s largest cryptocurrency, which had plummeted to $80,000 at the beginning of last week, now faces a more favorable global scenario according to experts.

At the moment, bitcoin is priced at $93,267, up 0.5% in the last 24 hours, according to data from CoinMarketCap.

“Asian markets showed mixed performance this Thursday with the Japanese index rising ~0.8%, while the broader Asia Pacific index (ex Japan) fell ~0.1%, pressured by declines in markets such as Korea and New Zealand. Unexpected weakness in US economic data raised the odds of a rate cut by the Federal Reserve (Fed) at the next meeting, where expectations for a cut remain high. The dollar, in turn, hit five-week lows, while 10-year Treasury yields remained stable, which supports the appetite for risk assets,” said André Franco, CEO of Boost Research.

“With this macro scenario, bitcoin benefited by rising to around $93,000. The short-term outlook tends to be positive. The weakness of the dollar and the prospect of lower interest rates reduce the opportunity cost of risk assets and increase the appeal of crypto, helping to sustain the recent rebound. With bitcoin above $90,000 and a more favorable global climate, there is room for consolidation or even a move toward nearby resistance levels. However, without an extra fundamental macro catalyst (such as an actual rate cut or significant institutional inflow into crypto), the upward movement will likely be gradual, and bitcoin may fluctuate with moderate volatility,” he added.