Bitcoin’s trajectory following its recent peak is closely tied to prevailing macroeconomic factors and developments in global trade, according to Sid Powell, CEO of Maple, a prominent crypto asset management firm. Powell emphasizes that unresolved trade negotiations ahead of the August 1 deadline could introduce significant resistance to Bitcoin’s upward momentum. Conversely, positive progress in trade talks combined with subdued inflation figures may encourage the Federal Reserve to consider interest rate reductions, potentially bolstering Bitcoin’s price movement.
John Glover, Chief Investment Officer at Ledn and former Barclays Investment Bank managing director, highlights that Bitcoin is currently testing its previous all-time high from May 22. He notes the presence of notable selling pressure at this resistance level, indicating cautious investor sentiment. These insights underscore the importance of monitoring both macroeconomic indicators and technical resistance points to gauge Bitcoin’s near-term performance.