10x Research anticipates that Bitcoin could see a decrease, potentially falling under $80,000 this week affected by tariff-related shocks and a disappointing ISM Manufacturing PMI.
In Brief
10x Research has noted a slowdown in Bitcoin's recent price rebound, attributing this to rising inflation and tariff worries, leading them to project a possible drop to below $80,000 this week as market participants turn cautious.
A firm dedicated to analyzing digital assets specifically for wealth managers and cryptocurrency-oriented service providers, 10x Research has shared fresh insights about the cryptocurrency landscape in its newest report.
The analysis reveals that Bitcoin's recovery over the previous three weeks has come to a standstill. This is, in part, due to stronger-than-anticipated core Personal Consumption Expenditures (PCE), indicating a rise in inflation, influenced by tariffs that were enacted by Donald Trump. These factors seem to be dampening consumer confidence.
Moreover, inflation expectations for the next year surged to 5.0%, exerting downward pressure on risk-oriented assets and reversing what was previously a bullish short-term outlook.
10x Research Current predictions by 10x Research suggest a potential decline in Bitcoin, possibly slipping below the $80,000 mark this week, as a variety of risk-averse factors threaten the equity markets and may spill over into cryptocurrencies.
While Donald Trump initially signaled a gradual approach toward tariffs, his stance has shifted significantly to a more combative tone in recent weeks. The original plan suggested a slow rollout of tariffs, allowing time for negotiations; however, recent developments point to an immediate implementation with prolonged negotiations ahead, further escalating market uncertainties.
A declining ISM Manufacturing Purchasing Managers' Index (PMI) could add extra pressure on markets, and if US employment statistics remain robust, it might postpone any Federal Reserve actions, leading to market vulnerabilities. Furthermore, the CBOE Volatility Index (VIX) stays low, suggesting a considerable number of traders may be underestimating the risks that lie ahead.
Bitcoin's price has fallen to around $82,000 as the overall crypto market cap now sits at $2.65 trillion.
As of the current writing, Bitcoin Currently, Bitcoin is priced at $82,160, reflecting a drop of over 1.29% in the preceding 24 hours. During this time, it peaked at $83,497 while hitting a low of $81,366. Bitcoin retains a market dominance at 61.47%, showing a slight increase of 0.23% in the last day.
Based on data from SoSoValue, Bitcoin spot exchange-traded funds (ETFs) recorded an influx of $196 million during last week’s trading activities.
The global capitalization of the cryptocurrency market now stands at an estimated $2.65 trillion, a decrease of 1.72% over the past 24 hours. Additionally, total trading volume within the cryptocurrency sector for the last 24 hours is reported at $58.78 billion, reflecting a 3.12% rise, as per CoinMarketCap's data.
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