TechFlow news: Matrixport released a new report stating that Bitcoin is entirely driven by macroeconomic factors, and derivatives market indicators suggest a potential 6% volatility for Bitcoin this week. Bitcoin has reached the end of a consolidation triangle, signaling an imminent significant move.
This week, Federal Reserve Chair Powell delivered speeches, U.S. inflation data was released, and the tech-heavy Nasdaq Composite Index hit a record high, setting the stage for substantial Bitcoin volatility. CPI data came in slightly below expectations, triggering a 7% rise in Bitcoin, reflecting persistent buying pressure in the market.
Bitcoin previously sold off following the release of March and April inflation data, but this week's mildly optimistic (lower) inflation figures instead led to price gains, breaking the prior pullback pattern and potentially signaling a "Bitcoin bull market return."
With the U.S. presidential election approaching in November 2024, Bitcoin's upward momentum is likely to intensify. Historical data shows that during the past three election cycles, Bitcoin posted an average gain of 192%, while the Nasdaq Composite rose an average of 21%. A rebound in both tech stocks and Bitcoin could very well unfold again.
