Matrixport latest report: Bitcoin bull market may have returned

Bitget2024/05/17 13:07

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ChainCatcher news, Matrixport released a new report stating that Bitcoin is completely driven by macro factors, and the derivatives market predicts that Bitcoin fluctuations this week may reach 6%. Bitcoin has reached the end of a consolidation triangle, signaling that major moves are coming.

This week, Federal Reserve Chairman Powell gave a speech, U.S. inflation data was released, and the Nasdaq index led by technology stocks hit a record high, paving the way for sharp fluctuations in Bitcoin. Bitcoin rose 7% after CPI data came in slightly below expectations, showing continued buyer power in the market.

Bitcoin had sold off after the release of inflation data in March and April. This week’s inflation data was slightly optimistic (lower), but the price of Bitcoin rose instead, breaking the previous correction pattern, which may herald the return of the “Bitcoin bull market.” .

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