Bitcoin is up over 6% in the last 7 days. At this point, BTC continues to struggle with the $64,000 threshold and is trading at $63,580 at the time of writing.
Bitcoin’s volatile price movements are causing investors to hesitate. However, experts have outlined several positive indicators that could support Bitcoin’s next rally, stating that positive macroeconomic factors point to a growing bullish trend for Bitcoin.
Speaking to Decrypt, Geoffrey Kendrick, Head of Global Digital Asset Research at Standard Chartered, stated that last week’s FOMC decision and the steepening of the US Treasury yield curve supported the rise in Bitcoin and that they are optimistic about the rise.
Kendrick noted that the bond yield curve spread is currently +21 basis points, saying:
“Last week’s US interest rate cut and the sharp rise in US bond yields are supporting the rise in Bitcoin prices.
The 10-year U.S. Treasury yield is 0.21% higher than the 2-year U.S. Treasury yield, indicating optimism about future economic growth. A steeper yield curve reflects optimism about future economic growth, which should be supportive for Bitcoin’s price.
Vice President Harris' encouraging statements for digital assets also make market conditions more favorable for Bitcoin's rise.”
He emphasized that the FED decision and the steep US Treasury yield curve, currently at a +21 basis point spread, positively affected Bitcoin prices.
Kendrick also noted that Google searches for Bitcoin have increased, indicating that interest in BTC is increasing. “This increase in Google searches could be a sign that a new bull cycle is starting,” Kendrick added.
Investors Optimistic About Bitcoin, Ethereum and BNB!
Avinash Shekhar, CEO of India-based crypto derivatives exchange Pi42, also said that the Fed rate cut supported the rise in Bitcoin and altcoins, adding that BTC needs market momentum to surpass the $65,000 level.
Stating that the FED and China's interest rate cut announcements supported the momentum Bitcoin needed and that investors were optimistic about the rise, Shekhar said, “Investors are optimistic about BTC rising to $65,000, Ethereum to $2,700 and BNB to $650. This will also support the rise and attract new investors to the market.”
*This is not investment advice.
