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Bitcoin Weekly: Rebound Time In Question

Bitcoin (BTC-USD) held the $43,000 level in the last week after recovering from a brief dip last Tuesday to $42,000. Zooming out to the monthly chart, the leading cryptocurrency is trending higher. It benefited from multiple tailwinds that markets potentially priced in.

The SEC approved the spot Bitcoin, which led to an influx in retail buying. Others took advantage of its rise. FTX, a bankrupt crypto exchange, sold 22 million shares of Grayscale Bitcoin Trust (GBTC) worth $1 billion. FTX now has no ownership in the ETF.

The Federal Reserve’s Jan. 30-31 meeting is another headwind for BTC. The central bank neither cut interest rates last Wednesday nor suggested it would do so next month in March.

Higher interest rates persisting for longer lower the attractiveness of cryptocurrencies. Savers may park their currency in fixed income to earn at least 5.0% instead.

Bullish Analysts

Analysts at Coinbase (COIN) are bullish on Bitcoin’s prospects. They believe the selling pressure in the last few weeks will ease. This assessment will play out if sellers get exhausted. Unfortunately, the US dollar index (UUP) bottomed at $26.95 on Dec. 27, 2023. Trading near $28, a breakout to $29-$30, levels not seen since last year, would undermine the bullish BTC argument.