Bitcoin Edges Higher to $84K as Analyst Warns of Another Leg Down for Crypto

The encryption markets rose to the top of Monday with Bitcoin (BTC) trading exceeding $ 84,000, as another positive day of American stocks extended the assets of risk rise in raising their height. The largest encrypted currency, as the broader encryption market increased by 1.8 %, while the 20 % Coindesk 20 index exceeded 2.4 % during the same period. ETHEREUM’s ETHER (ETH) settled over $ 1900 and was 2.8 % higher, while many of Altcoin’s specializations including SUI, AAVE and IVP and nearly 5 % are more than 5 %.

Solana also increased by 3 % in line with the broader market, as the first day of the trading of futures in the market that focuses on CME institutions failed to make a change in investor morale.

ETA’s condemnation code (ENA) has gathered with a 7 % Blockchain development news with the issuance of distinguished assets, with the aim of linking decentralized financing (Defi) and traditional institutions.

The main American stock indicators that span this week gave a favorable background to risk origins. However, Joel Kruger, the strategic expert of the LMAX group, warned that the S& P500 monthly chart indicates a continuous correction of American stocks, which can affect cryptocurrencies.

“When we think about the state of global trade tension and concerns about the slowdown in the American economy, all of this is at a time when it is not increasingly confirmed about the extent of residence that the Federal Reserve can offer, there is already anxiety that worries the shares that can decrease more than that.”

He pointed out that there is a possibility of a decrease in BTC to review at the peak of 2024 March at 73,000-74,000 dollars.

David Dung, head of research at the Coinbase Institutional Corporation, said that the market is expected to keep the Federal Reserve Bank unchanged during the meeting of the open market committee for this week, but investors must monitor any possible change in the surface flow of the central bank’s public budget, or the quantum tightening program (QT).

He wrote in a report on Monday: “We believe that the Federal Reserve may stop or end the QT program this week, as the bank reserve levels are approaching 10 to 11 % of the levels of GDP, which is usually sufficient to maintain financial stability.”

He said that the sale of the last encryption was largely due to the total concerns and the deterioration of liquidity conditions, which could turn the best during the next quarter, providing the back wind of asset prices. He concluded by saying: “You may find encryption prices in the next few weeks before recovering to high levels of this year later this year.”