Coinbase Analysts: Pressure on Bitcoin is Easing
Experts at Coinbase report that the impact on Bitcoin from sellers is diminishing, and macroeconomic circumstances indicate a favorable outlook for the growth of this cryptocurrency.
In their weekly report, analysts note that technical factors contributing to Bitcoin's decline are beginning to decrease. One of the main sources of pressure on BTC was the sale of shares in the GBTC fund by asset managers from the bankrupt FTX exchange. A total of 22 million shares were liquidated, but they have been exhausted.
Support for Bitcoin's growth comes from a stable interest in spot Bitcoin ETFs. Daily fund inflows into the shares of such funds in the last week amounted to around $200 million, and since January 11, the total inflow has reached $1.46 billion.
Analysts predict that in the coming weeks, macroeconomic factors will become more significant for digital assets, supporting price growth in the market.
An additional stimulus for Bitcoin's growth could be the easing of monetary policy in the United States. It is expected that the Federal Reserve will begin lowering the benchmark interest rate as early as May. According to Coinbase analysts, the reduction in selling pressure on Bitcoin and changes in credit policy may serve as the basis for significant growth in Bitcoin and other cryptocurrencies in the second quarter of 2024.