Benchmark cryptocurrency bitcoin (BTC) has been trending below the $60,000 resistance point for close to three weeks, suggesting a degree of sell-side pressure in the cryptocurrency markets.
However, the world’s largest cryptocurrency, which rallied to an all-time high earlier this year in March, has been relatively well bid in the past week.
The BTC/USD pair added 3.8% over the past seven days and is currently swapping for $58,329.
As seen with gold’s record price, bitcoin has benefitted from a weaker dollar due to the prospect of a faster-than-expected softening of interest rates from the US Federal Reserve.
This is in response to macroeconomic data suggesting the US economy is beginning to falter, leading to greater pressure from the Fed to stimulate the economy through rate cuts.
Credit – tradingview.com