Cointelegraph identifies three factors that may hinder Bitcoin's short-term recovery to the $28,500 level:
1. Macroeconomic recession: Concerns about economic growth amid a high-interest-rate environment, rising US 10-year Treasury yields, and a strengthening DXY could impact Bitcoin.
2. Reduction in futures premium: The decreasing premium in cryptocurrency futures compared to the spot market, coupled with institutional investors exiting, can affect Bitcoin.
3. Diminished Bitcoin spot ETF expectations: As expectations for a Bitcoin spot ETF approval decrease, demand may wane, especially after the approval of an Ethereum futures ETF. 📉📈 #BitcoinAnalysis #MarketFactors"
1. Macroeconomic recession: Concerns about economic growth amid a high-interest-rate environment, rising US 10-year Treasury yields, and a strengthening DXY could impact Bitcoin.
2. Reduction in futures premium: The decreasing premium in cryptocurrency futures compared to the spot market, coupled with institutional investors exiting, can affect Bitcoin.
3. Diminished Bitcoin spot ETF expectations: As expectations for a Bitcoin spot ETF approval decrease, demand may wane, especially after the approval of an Ethereum futures ETF. 📉📈 #BitcoinAnalysis #MarketFactors"