The price of Bitcoin rose to a two-week high on Monday as the US-Iran deal removed one of the factors that has been affecting the market, sending the cryptocurrency linked to what traders are framing as the real test of the week: Federal Reserve Chair Kevin Warsh’s. first FOMC meeting.
The price of Bitcoin to sell close to $ 67,000 to 4% in 24 hours, after Iran confirmed the memorandum of understanding reopening Hormuz River. The price broke through resistance at $64,000 at the low of the week prior to the close on Monday in New York.
But Nansen Researcher Nicolai Sondergaard urges caution against reading too much into the headline.
“News of the end of the war pushed Bitcoin to $66,000 at the lowest level of the week, but traders who have been burned twice this year are not sending it back completely,” he wrote. Bitcoin Magazine. “The April agreement collapsed, and US terrorists disrupted the second agreement on June 9, when Bitcoin provided all-time support. The market sees June 19 in Switzerland as a real milestone, not Sunday’s headlines.”
The method also buys
Method (MSTR) to be revealed The new 8-K on Monday shows that it acquired 1,587 BTC worth about $100 million between June 8 and June 14, supported by its stock market offering program, which brought the total to 846,842 BTC.
Shares gained more than 9% on the news, pushing intraday volume to 16.84 million shares.
Try (ASST), the Bitcoin investment firm led by Vivek Ramaswamy, rose nearly 16% to $17.50 – continuing its recovery from its three-month low of $9.00 in early April. Other stocks like Coinbase, Robinhood, and Circle all jumped 5%.
The crypto equity conference shows what Austin Federa, co-founder of DoubleZero saw on the ground.
“Corporations love crypto,” Federa said. “I’ve never seen so much excitement from investors and suits.
Bitcoin price controversy
Despite the green screen, experts at Bitfinex see the risk of false relief the need. “What the tape shows is the tiredness of retailers to reach the same moment as a big refund, which is different from the real demand,” the company’s research team wrote. Bitcoin Magazine. “The price action that follows each one is very different, which leads us to believe that despite the short-term recovery, the bulls will face major problems before they occur.”
Bitfinex noted what should be offered: “We believe that we have a short period of time with a number of conflicts if the joint stock rises, a large drop that brings money and returns to the interest rate and the fatigue of the sellers is very limited at this time.
ETF data provides mixed signals. Bitcoin spot ETFs recorded five consecutive weeks of net outflows totaling about $1.8 billion before June 12 broke the streak with $85.85 million in net inflows, led by IBIT BlackRock at $57.69 million and Fidelity’s FBTC.
One positive step does not guarantee a recovery in the price of bitcoin, but it is the first sign that institutional buyers are starting to recover.
The Fed is the next helper
The trade for geopolitical support is real, but Sondergaard and Bitfinex both point to the FOMC as the market’s next move this week. June 16-17 is Kevin Warsh’s first meeting as chair of the Fed. Inflation ran at 3.8% in April, deflation is no longer on the agenda, and some officials are beginning to float the prospect of a hike at the end of the year.
The Fed is generally expected to hold at 3.50%-3.75%, but the modified drop scheme and Warsh’s first press conference will be a sign that the Committee leans, and why, bitcoin price.
Bitfinex established the Iran agreement as a means of transmission, not a proxy: “If the agreement holds, oil will return, the sector led by the power of inflation will disappear, real yields and commodity prices will fall, and the safe deposit of the dollar will be relaxed.
But the company said the timing was crucial: “The agreement came a day before the FOMC meeting, the first meeting chaired by Kevin Warsh.
For crypto bulls, a bull case is needed to stop the fight, Warsh to provide a neutral-to-dovish signal, and an ETF that enters to match the positive components of the sequence. None of those results are guaranteed.
This is why the price of Bitcoin remains, as Bitfinex said, “locked in the area of integration between these two critical areas, where they must establish a therapeutic base or face a crisis that can be under a deep leg.”
