Friday’s NFP release will be a pivotal event in shaping market sentiment and determining the near-term trajectory of Bitcoin and other cryptocurrencies, according to Bitfinex analysts., the macroeconomic dynamics, including the ECB’s rate cut and the potential for increased liquidity, add further complexity to the equation, making it crucial for market participants to closely monitor these developments and their potential impact on the crypto markets.
Bitfinex analysts suggest that a positive reaction from equity markets, fueled by expectations of continued monetary easing, could spill over into the crypto market. This could potentially help Bitcoin secure a weekly close above the psychological resistance level of $70,000. This move aims to stimulate economic growth amid signs of a slowdown in the Eurozone. According to Bitfinex analysts, the rate cut could weaken the euro, potentially leading to higher demand for alternative risk assets like Bitcoin.
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