Bitcoin has been struggling to break out of its narrow range and reach new highs.
Bitcoin has been struggling to break out of its narrow range and reach new highs, and there's doesn't appear to be much hope for the cryptocurrency's price in the near term, according to Wolfe Research. " Bitcoin continues to demonstrate its inability to successfully get through that stubborn $70k resistance level," Wolfe's Rob Ginsberg said in a note Wednesday.
RUT 6M mountain Bitcoin and Russell 2000 Bitcoin has been meandering in the $60,000 level since the beginning of March. It hit its record of $73,797.68 on March 14 and has briefly dipped to the $59,000 level a couple of times. Two key upside catalysts — the bitcoin ETF approvals and the halving — are behind the market now. Additionally, rate cut expectations have been pushed back , with some saying there's risk the Federal Reserve may not cut at all until 2025.
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