Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
The Continuation of Bitcoin's Recovery Depends on These Conditions! Here are the Details…

The Continuation of Bitcoin's Recovery Depends on These Conditions! Here are the Details…

BitcoinsistemiBitcoinsistemi2024/08/06 10:15
By:Elif Azra Güven

According to analysts, the recovery in Bitcoin may be limited.

Leading cryptocurrency Bitcoin has recovered along with global stock markets after its unprecedented decline.

Japan's major index, the Nikkei 225, also rose sharply today after suffering its biggest price drop since the late '90s on Monday.

However, experts think that Bitcoin's recent recovery depends on macroeconomic conditions and the rise may not continue unless macro conditions improve.

Speaking to Bloomberg, Arbelos Markets trading director Sean McNulty said investors increased their buying activity in the sharp decline, but overall market sentiment remains cautious due to fears of a potentially larger deleveraging and downturn.

According to McNulty, cryptocurrency investors are skeptical of Bitcoin's recovery from its recent decline and believe that this recovery is not sustainable unless there is a significant improvement in the global economic landscape and a reduction in Middle East tensions.

The Rise in Bitcoin May Be Limited!

Another analyst also said that the recovery in Bitcoin and cryptocurrencies may be limited and depends on stock market performance.

Speaking to Coindesk, Ruslan Lienkha, Market Chief of cryptocurrency exchange YouHodler, said that there may be a short recovery after the last market decline, but this recovery will probably be limited due to the pessimistic feeling prevailing in the market.

Lienkha stated that the recent decline in BTC was due to external factors rather than negative news or charts in the crypto market.

“The recent decline in Bitcoin was due to external factors, not problems in crypto. The recovery will occur in the same way.

In other words, the recovery in BTC and crypto depends on the recovery of stock markets and global markets.

However, there is not enough data yet to call it a bear market in Bitcoin.

“Investors should monitor stock markets more closely throughout August.”

*This is not investment advice.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Whale Sells $5.48M in TRUMP Token, Gains $483K

A crypto whale offloaded 630,339 TRUMP tokens for $5.48M, pocketing nearly $483K in profit at $8.70 per token.Whale Exits TRUMP Token with Nearly Half a Million in ProfitSmart Profit-Taking or Early Exit?Whale Moves as a Market Signal

Coinomedia2025/04/23 23:44
Whale Sells $5.48M in TRUMP Token, Gains $483K

Buy Low, Fly High: Arctic Pablo at $0.000099 Eyes $0.008 Surge, While Fwog And Pudgy Penguins Push Boundaries

Explore Arctic Pablo Coin's presale, Pudgy Penguins' gaming expansion, and Fwog's market trends. Discover the Top New Meme Coins to Invest in April 2025.Arctic Pablo Coin (APC): Staking and RewardsArctic Pablo Coin (APC): Presale Reaches Frostbite CityPudgy Penguins: Expanding into Mobile GamingFwog: Gaining Momentum in the Meme Coin MarketWrapping Up: Arctic Pablo Coin (APC) Stands OutFor More Information:

Coinomedia2025/04/23 23:44
Buy Low, Fly High: Arctic Pablo at $0.000099 Eyes $0.008 Surge, While Fwog And Pudgy Penguins Push Boundaries

Australian Court Overturns License Ruling Against Block Earner, Sides with Fintech in Landmark Crypto Case

In a significant legal win for Australia’s crypto and fintech industry, the Federal Court has overturned a previous ruling that required digital finance firm Block Earner to obtain a financial services license for its discontinued fixed-yield crypto product.

DeFi Planet2025/04/23 21:55
Australian Court Overturns License Ruling Against Block Earner, Sides with Fintech in Landmark Crypto Case