Bitcoin Price Rally Stalls For Now, Here's Why

NewsBTC
NewsBTC

28 Jun 2023 10:50 AM

After the Bitcoin price hit a new yearly high of $32,410 last Friday, June 23, the price rally has stalled for the time being. While the long-term outlook...

  • The Bitcoin price rally has stalled after reaching a new yearly high of $32,410.
  • Negative news surrounding the depegging of TrueUSD (TUSD) may have unsettled investors.
  • Bitcoin miners are sending a record-high amount of BTC to exchanges, potentially indicating their use as collateral in derivatives trading.
  • The upcoming expiration of BTC options and the release of the PCE index numbers may be causing a wait-and-see approach in the market.
  • Bitcoin is facing resistance at $31,000 and is currently in a consolidation phase.

The sentiment in the article is mostly negative, with concerns about stablecoin depegging, miner behavior, and market uncertainty.

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You May Ask

What factors have contributed to the stall in the Bitcoin price rally?Why is the depegging of TrueUSD causing concerns in the market?What are Bitcoin miners doing with their newly minted coins?What upcoming events are potentially impacting market sentiment?What is the current resistance level for Bitcoin and why is consolidation normal at this point?

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