TechFlow news, Matrixport has released a new report stating that Bitcoin's record of seven consecutive months of gains in 2012 will be broken this month. Despite the upcoming halving, weak inflows into Bitcoin ETFs and concerns over macroeconomic conditions have caused Bitcoin's price to stall, potentially leading to a larger correction.
With the conclusion of Ethereum's Dencun upgrade, a key pillar supporting the bullish rally from February to March has been removed. Based on the correlation between Bitcoin and Ethereum, the current ETH/USD trading price corresponds to BTC/USD at $60,000.
Most investors may already hold long positions, and now new investor participation will be needed to drive the price past the $70,000 level.
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