Misleading crypto narratives continue, driven by 'sensationalist' sentiment
The cryptocurrency market is constantly evolving and with it, the narratives surrounding it. However, a recent report by CryptoQuant contributor “onchained” highlights the prevalence of misleading information in the market, driven by sensationalist sentiment rather than objective analysis.
The report cautions against falling for these false narratives and emphasizes the importance of relying on data rather than noise. Onchained points to the movements of Bitcoin long-term holders (LTH) as an example, debunking claims of LTH capitulation with onchain data showing consistent holding patterns.
This sentiment is echoed by crypto analytics platform Glassnode, which also notes a decline in sell-side pressure from long-term holders. It’s a reminder that narratives are constantly being challenged and that data should be trusted over speculation.
One long-standing narrative that has come under scrutiny is the 4-year cycle theory, which suggests that Bitcoin’s price follows a predictable pattern tied to its halving event every four years. However, MN Trading Capital founder Michael van de Poppe believes this theory may no longer hold true for altcoins.
Similarly, Bitwise Invest chief investment officer Matt Hougan believes the traditional four-year cycle is over in crypto due to the recent change in the US government’s stance. This introduces a new wave that will play out over a decade, according to Hougan.
Some analysts are even debating whether the entire Bitcoin bull market is over, with CryptoQuant founder and CEO Ki Young Ju stating that all onchain metrics indicate a bear market. However, it’s important to note that these are just opinions and should not be taken as fact.
In the ever-changing world of cryptocurrency, it’s crucial to stay informed and rely on data rather than falling for sensationalist narratives. As the saying goes, “trust, but verify” – always cross-check sources and validate information before making any decisions.
Crypto Biz: As crypto booms, recession looms
America’s pro-crypto policy shift has become a bipartisan commitment as Democrats and Republicans look to secure the US dollar’s influence as a global reserve currency. According to US Representative and California Democrat Ro Khanna, at least 70 of his fellow party members now understand the importance of stablecoin regulation. According to Khanna, Americans can expect sensible crypto market structure and stablecoin bills this year. Under normal circumstances, this news would send crypto prices soaring, but that’s not been the case as President Donald Trump’s trade policies stoke recession fears.ARK Invest CEO Cathie Wood is the latest crypto industry executive to sound the recession alarm. While a recession is rarely a good thing, Wood said it could provide Trump and the Federal Reserve with leeway to enact pro-growth policies. “We are worried about a recession” — Cathie WoodAlthough US Treasury Secretary Scott Bessent isn’t worried about a recession, Wood is certainly preparing for that possibility. Speaking virtually at the Digital Asset Summit in New York, Wood implied that the White House could be underestimating the recession risk facing the economy as a result of Trump’s latest tariff war. “We are worried about a recession,” Wood said. “We think the velocity of money is slowing down dramatically.”A slowdown in the velocity of money means capital is changing hands less frequently as consumers and businesses reduce spending. Such conditions usually signify the onset of a recession.However, recessionary forces could end up being a boon for risk assets like crypto as declining GDP should give “the president and the Fed many more degrees of freedom to do what they want in terms of tax cuts and monetary policy,” said Wood.Cathie Wood tells the Digital Asset Summit that the threat of recession is building. Source: CointelegraphUS stablecoin bill is “imminent” — Bo HinesThe US could have comprehensive stablecoin legislation in as little as two months, according to Bo Hines, the recently appointed executive director of Trump’s Presidential Council of Advisers on Digital Assets.Speaking at the Digital Asset Summit in New York, Hines lauded the Senate Banking Committee’s bipartisan approval of the Guiding and Establishing National Innovation for US Stablecoins Act, also known as the GENIUS Act.“We saw that vote come out of the Senate Banking Committee in extremely bipartisan fashion, […] which was fantastic to see,” Hines said.The GENIUS Act seeks to establish clear guidelines for US stablecoin issuers, including collateralization requirements and compliance rules with Anti-Money Laundering laws. “I think our colleagues on the other side of the aisle also recognize the importance for US dominance in this space, and they’re willing to work with us here, and that’s what’s really exciting about this,” said Hines.Bo Hines says US stablecoin legislation could arrive on President Donald Trump’s desk in two months. Source: CointelegraphEthena Labs, Securitize launch DeFi-focused blockchainEthena Labs and Securitize are launching a new blockchain designed to boost retail and institutional adoption of DeFi products and tokenized assets.The new blockchain, called Converge, is an Ethereum Virtual Machine that will offer retail investors access to “standard DeFi applications” and specialize in institutional-grade offerings to bridge traditional finance and decentralized applications. Converge will also allow users to stake Ethena’s native governance token, ENA. Converge will also leverage Securitize’s RWA infrastructure. The company has minted nearly $2 billion in tokenized RWAs across various blockchains, including the BlackRock USD Institutional Digital Liquidity Fund, which was initially launched on Ethereum and has since expanded to Aptos, Arbitrum, Avalanche, Optimism and Polygon.Canary Capital files for Sui ETFCanary Capital has submitted its Form S-1 filing to the US Securities and Exchange Commission (SEC) to list an exchange-traded fund tied to Sui (SUI), the native token of the layer-1 blockchain used for staking and fees.The March 17 filing underscores the race to expand institutional access to digital assets following the overwhelming success of the spot Bitcoin (BTC) ETFs last year. Canary Capital has so far filed six crypto ETF proposals with the SEC.Sui is the 22nd largest crypto asset by market capitalization, with a total value of $7.5 billion, according to CoinGecko. The Sui blockchain recently partnered with World Liberty Financial, the DeFi company backed by Trump’s family.Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.
Coinbase in talks to buy derivatives exchange Deribit: Report
Coinbase, one of the leading cryptocurrency exchanges, is reportedly in advanced talks to acquire Deribit, the world’s largest platform for trading Bitcoin (BTC) and Ether (ETH) options. This potential acquisition would strengthen Coinbase’s existing derivatives platform, which currently focuses on futures trading.
According to sources, Coinbase and Deribit have already informed regulators in Dubai about the deal talks. Deribit holds a license in Dubai, which would need to be transferred to Coinbase if the deal goes through. In January, Bloomberg reported that the deal could value Deribit at around $4-5 billion.
Deribit offers options, futures, and spot trading for various cryptocurrencies. Last year, its total trading volumes reached $1.2 trillion, making it a highly sought-after platform in the crypto market. This potential acquisition comes just a day after Kraken, another major exchange, announced its plans to acquire derivatives trading platform NinjaTrader for $1.5 billion.
The popularity of cryptocurrency derivatives, such as futures and options, has been on the rise in the US. These financial instruments are favored by both retail and institutional investors for hedging and speculation purposes. In fact, Coinbase reported a 10,950% increase in derivatives trading volumes in 2020.
Other major players in the market, such as Robinhood and CME Group, have also been expanding their offerings in the derivatives space. In February, CME Group reported a 300% increase in average daily trading volumes for crypto derivatives in the fourth quarter of 2020. And just last month, Coinbase launched the first Commodity Futures Trading Commission-regulated Solana (SOL) futures in the US, while CME Group launched its own SOL futures contracts shortly after.
This potential acquisition of Deribit by Coinbase is a clear indication of the growing demand for cryptocurrency derivatives in the market. As the market continues to mature, we can expect to see more developments and innovations in this space. Stay tuned for more updates on this exciting development.
Ethereum open interest hits new all-time high — Will ETH price follow?
Ether (ETH) price dropped 6% between March 19 and March 21 after failing to break the $2,050 resistance level. More notably, ETH has fallen 28% since Feb. 21, underperforming the broader crypto market, which declined 14% over the same period.Despite ETH’s price struggles, Ether futures open interest hit a record high on March 21. This has led traders to question whether large investors are positioning for a potential rally toward $2,400 while also raising concerns about the risks of cascading liquidations due to heightened leverage.Ether futures aggregate open interest, ETH. Source: CoinGlassThe aggregate open interest in Ether futures rose 15% over two weeks, hitting a record 10.23 million ETH on March 21. Binance, Gate.io, and Bitget collectively dominate 51% of the market, while the Chicago Mercantile Exchange (CME) holds 9% of ETH open interest, according to CoinGlass data. This contrasts with Bitcoin futures, where CME leads with a 24% market share.Demand for leveraged ETH longs has declinedThe increased activity in ETH futures contracts typically indicates institutional investors’ interest, as open interest measures the demand for leverage. However, buyers (longs) and sellers (shorts) are always matched, so an increase in open interest does not inherently indicate a positive outlook.To gauge whether buyers are seeking more leverage, analysts should compare ETH futures monthly contract prices to spot exchange rates. In neutral markets, these derivatives typically trade 5% to 10% higher on an annualized basis to account for the extended settlement period. If traders turn bearish, this premium would likely drop below that range.Ether futures 2-month annualized premium. Source: LaevitasThe annualized premium for ETH monthly futures dropped to below 4% on March 21, down from 5% two weeks earlier. This decline in the futures premium suggests reduced incentives for traders to use the “cash and carry” strategy, which involves selling futures contracts while simultaneously buying spot ETH to capture the premium as a fixed-income trade.Spot ETF outflows and reduced network fees pressure ETH pricePart of Ether’s decline stems from weak demand for US-based Ether exchange-traded funds (ETFs), which saw $307 million in net outflows over the two weeks ending March 20. The macroeconomic environment has also dampened investor confidence, as economists warn of rising recession risks due to global tariff wars, inflationary pressures, and US government spending cuts, according to the Boston Globe.However, some analysts argue that Ether’s recent price weakness stems from an imbalance between network fees—required to compensate validators—and the interests of decentralized applications (DApps) and layer-2 scaling solutions. This critique was perfectly summarized by Martin Köppelmann, co-founder of Gnosis.Source: koeppelmannIn a sense, Ethereum’s successful shift to proof-of-stake and the introduction of blob space to enhance scalability through rollups—while significantly boosting the network’s capabilities—are also seen as factors limiting Ether’s price growth. Despite the low transaction costs of its layer-2 solutions, some ETH investors believe they are not being adequately rewarded.Ether’s price has faced pressure from rising macroeconomic risks, while demand for DApps continues to decline—whether due to increased competition or waning investor interest. Ethereum’s 7-day base layer revenue fell to $605,000 on March 17, a sharp drop from $2.5 million just two weeks earlier.There is no indication that the surge in ETH futures open interest is driven by bullish positioning. On the contrary, demand for leveraged long positions remains notably weak, suggesting cautious market sentiment.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
South Korea eyes KuCoin, BitMEX in crypto exchange crackdown
South Korea is cracking down on crypto exchanges that have allegedly operated without adhering to the country’s financial regulations. According to a report by local media outlet Hankyung, the Financial Intelligence Unit (FIU) of the Financial Services Commission is considering sanctions against exchanges that have not reported as virtual asset service providers (VASPs) under the country’s Specified Financial Information Act.
The FIU is currently investigating a list of exchanges and consulting with related agencies to determine appropriate sanctions, such as blocking access to the exchanges. Among the exchanges under scrutiny are BitMEX, KuCoin, CoinW, Bitunix, and KCEX, which are accused of providing services to South Korean investors without going through the country’s compliance process.
Under South Korean laws, operators of crypto sales, storage, brokerage, and management are required to report to the FIU. Failure to comply can result in criminal penalties and administrative sanctions. The FIU is also working with the Korea Communications Standards Commission to block access to the exchanges on the list.
In addition to foreign exchanges, South Korean crypto exchanges are also facing scrutiny over suspicions of financial misconduct. Bithumb, one of the largest exchanges in the country, was recently raided by prosecutors following allegations that its former CEO embezzled company funds to purchase an apartment. Bithumb has denied these allegations, stating that the CEO had already taken a loan to repay the funds.
There have also been rumors of intermediaries being paid to list projects on Bithumb and Upbit, another major South Korean exchange. While Upbit has denied these rumors and demanded the media outlet to disclose the list of projects that paid brokerage fees, the incident has raised concerns about the transparency and fairness of the listing process.
As South Korea continues to crack down on non-compliant exchanges and investigate potential financial misconduct, the country’s crypto industry is facing increased scrutiny and regulation. This highlights the importance of adhering to financial regulations and maintaining transparency in the crypto space.
Bitfinex Bitcoin longs hit 6-month high — Will BTC price follow?
Bullish Bitcoin (BTC) positions using leverage on the Bitfinex exchange surged to their highest level in nearly six months, reaching 80,333 BTC on March 20—equivalent to $6.92 billion. The 27.5% increase in Bitcoin margin longs since Feb. 20 has fueled speculation that the 12.5% BTC price gain from the $76,700 low on March 11 is driven by leverage and may not be sustainable.Bitfinex BTC margin longs, BTC. Source: TradingView / CointelegraphHowever, Bitcoin’s price does not always move in tandem with bullish leveraged positions on Bitfinex. For example, in the three weeks ending July 12, 2024, large investors added 13,620 BTC in margin longs, yet Bitcoin’s price fell from $65,500 to $58,000. Similarly, a two-week-long increase of 8,990 BTC in margin longs took place leading into Sept. 11, 2024, and this coincided with a price decline from $60,000.Bitcoin margin traders are highly profitable but also risk-tolerantIn the long term, these savvy investors have timed the market well, as Bitcoin’s price eventually surpassed $88,000 in November 2024, while margin long positions were reduced by 30% by year-end. Essentially, these traders are highly profitable but exhibit a much higher risk tolerance and patience than the average investor. Therefore, an increase in leverage demand does not necessarily translate into upward pressure on Bitcoin’s price.Additionally, the cost of borrowing Bitcoin remains relatively low, creating opportunities for market-neutral arbitrage as traders capitalize on cheap interest rates. Currently, borrowing BTC for 60 days on Bitfinex carries an annualized cost of 3.14%, while the funding rate for Bitcoin perpetual futures stands at 4.5%. In theory, traders can exploit this spread through ‘cash and carry’ arbitrage, profiting without direct exposure to price fluctuations.Even if one assumes that most of the $1.48 billion in margin longs are not arbitrage trades—meaning these large investors are genuinely betting on Bitcoin’s price appreciation—other exchanges may have offset part of this move. For instance, demand for Bitcoin margin longs has declined significantly on OKX over the same 30-day period.Bitcoin margin long-to-short ratio at OKX. Source: OKXThe Bitcoin long-to-short margin ratio on OKX currently shows longs outweighing shorts by a factor of 15, the lowest level in over three months. Historically, excessive confidence has driven this ratio above 40, most recently in late February when Bitcoin’s price surged past $105,000. Conversely, a ratio below 5 typically signals a strong bearish sentiment.Bitcoin options price balances risks of upside and downside fluctuations in BTC priceTo rule out external factors limited to margin markets, one should also analyze Bitcoin options. If traders anticipate a correction, demand for put (sell) options will rise, pushing the 25% delta skew above 6%. Conversely, during bullish periods, this metric typically falls below -6%.Bitcoin 30-day options delta skew (put-call). Source: Laevitas.chBetween March 10 and March 18, the Bitcoin options market showed signs of bearish sentiment but has since shifted to a neutral stance. This suggests that whales and market makers are pricing similar risks for both upward and downward price movements. Given the margin market trends on OKX and the current pricing of BTC options, a Bitcoin bull run is far from a consensus expectation.Bitcoin’s lack of bullish momentum can partly be attributed to the higher inflation outlook and weaker economic growth projections presented by the US Federal Reserve on March 19. Concerns over a potential recession, exacerbated by a global tariff war, have made investors more risk-averse. As a result, even though whales are increasing their exposure through Bitcoin margin longs, overall market sentiment remains subdued.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Pump.fun launches own DEX, drops Raydium
Pump.fun has launched its own decentralized exchange (DEX) called PumpSwap, potentially displacing Raydium as the primary trading venue for Solana (SOL) memecoins. Starting on March 20, memecoins that successfully bootstrap liquidity, or “bond,” on Pump.fun will migrate directly to PumpSwap, Pump.fun said in an X post. Previously, bonded Pump.fun tokens migrated to Raydium, which emerged as Solana’s most popular DEX largely thanks to memecoins trading activity. According to Pump.fun, PumpSwap “functions similarly to Raydium V4 & Uniswap V2” and is designed “to create the most frictionless environment for trading coins.”“[M]igrations were a major point of friction – they slow a coin’s momentum and introduce needless complexity for new users,” Pump.fun said. “[N]ow, migrations happen instantly and for free.”Raydium’s trading volumes surged in 2024, largely due to memecoins. Source: DeFiLlamaRelated: Solana shorts spike amid memecoin scandalsHeightened competitionThe launch comes just a few days after Raydium tipped plans to create its own memecoin launchpad — called LaunchLab — to directly compete with Pump.fun. Pump.fun and Raydium’s transition from partners to competitors stands to reshape Solana’s decentralized finance (DeFi) ecosystem at a time when memecoin trading volumes are down dramatically from January highs. “We welcome competition because users win at the end of the day,” Alon, one of Pump.fun’s co-founders told Cointelegraph on March 20. Other upstart protocols — such as Daos.fun, GoFundMeme and Pumpkin — are also vying for a share of Solana’s memecoin market. PumpSwap plans to adopt one of rival GoFundMeme’s most popular features — revenue sharing with memecoin creators. Soon, “a percentage of protocol revenue will be shared with coin creators,” Pump.fun said.“[I]f it succeeds, millions of dollars will go towards aligning creators with their communities and incentivizing higher quality launches.” Pump.fun’s fee revenues are down sharply from January highs. Source: Dune AnalyticsDeclining memecoin activityOn Feb. 27, Cointelegraph reported that successful memecoin launches on Pump.fun were down some 80% from January highs after a series of memecoin-related scandals cooled sentiment among retail traders. As a result, Pump.fun’s average daily fee revenue declined from more than $4 million in January to just over $100,000 as of mid-March, according to data from Dune Analytics, Memecoins drove explosive growth on Solana in 2024, with the chain’s total value locked (TVL) increasing from around $1.4 billion to more than $9 billion that year, according to DefiLlama.Raydium was among the biggest beneficiaries, with daily volumes soaring from around $245 million to more than $2 billion over the course of 2024, DefiLlama data shows.In January, Raydium launched a leveraged perpetual futures trading platform in a bid to challenge incumbent Jupiter, another top Solana DeFi protocol.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Kevin O’Leary reveals key catalysts that could reverse the bearish trend
The cryptocurrency market has been facing intense pressure lately, largely due to the ongoing trade war between the United States and China, as well as other macroeconomic factors. This has led to speculation that the bull run may be coming to an end and a bear market could be on the horizon.
In a recent interview with Cointelegraph, Kevin O’Leary, also known as “Mr. Wonderful,” shared his insights on the current state of the market and what the future may hold. Despite the current turbulence, O’Leary remains optimistic about the potential of Bitcoin (BTC) and believes that it will end the year on a high note. He points to a few key catalysts that could help reverse the current bearish trend.
One of the main issues discussed in the interview is the need for regulatory clarity, especially when it comes to stablecoins. O’Leary is particularly interested in the GENIUS Act, which he believes will be passed by the US Congress in the near future. “We have been waiting for almost seven years for this legislation. I have a feeling it’s going to make it, and when that happens, it’s a game changer,” O’Leary stated.
The GENIUS Act aims to provide clear regulations for stablecoins, which are cryptocurrencies backed by a stable asset such as the US dollar. This move is expected to bring more stability and legitimacy to the crypto market, which could help mitigate some of the current risks. O’Leary also shared details about his personal crypto portfolio, which includes a diverse mix of assets.
To learn more about O’Leary’s views on the current state of the market and his personal approach to investing in crypto, be sure to watch the full interview on our channel.
In related news, US President Donald Trump recently made headlines by stating that the US will become a “Bitcoin superpower” as the price of BTC broke a four-month downtrend. This further highlights the potential for growth and adoption of cryptocurrencies in the future.
Don’t miss out on the latest developments in the crypto market. Subscribe to our channel for more insights and updates on the world of cryptocurrency.
Bybit: 89% of stolen $1.4B crypto still traceable post-hack
The lion’s share of the hacked Bybit funds is still traceable after the historic cybertheft, as blockchain investigators continue their efforts to freeze and recover these funds.The crypto industry was rocked by the largest hack in history on Feb. 21, when Bybit lost over $1.4 billion in liquid-staked Ether (stETH), Mantle Staked ETH (mETH) and other digital assets.Blockchain security firms, including Arkham Intelligence, have identified North Korea’s Lazarus Group as the likely culprit behind the Bybit exploit, as the attackers have continued swapping the funds in an effort to make them untraceable.Despite the Lazarus Group’s efforts, over 88% of the stolen $1.4 billion remains traceable, according to Ben Zhou, the co-founder and CEO of Bybit exchange.The CEO wrote in a March 20 X post:“Total hacked funds of USD 1.4bn around 500k ETH. 88.87% remain traceable, 7.59% have gone dark, 3.54% have been frozen.”“86.29% (440,091 ETH, ~$1.23B) have been converted into 12,836 BTC across 9,117 wallets (Average 1.41 BTC each),” said the CEO, adding that the funds were mainly funneled through Bitcoin (BTC) mixers including Wasbi, CryptoMixer, Railgun and Tornado Cash.Source: Ben ZhouThe CEO’s update comes nearly a month after the exchange was hacked. It took the Lazarus Group 10 days to launder 100% of the stolen Bybit funds through the decentralized crosschain protocol THORChain, Cointelegraph reported on March 4.Still, blockchain security experts are hopeful that a portion of these funds can be frozen and recovered by Bybit.Related: Can Ether recover above $3K after Bybit’s massive $1.4B hack?Bybit paid $2.2M for Lazarus “bounty hunters”The crypto industry needs more blockchain “bounty hunters” and white hat, or ethical hackers, to combat the growing illicit activity from North Korean actors.Decoding transaction patterns through cryptocurrency mixers remains the biggest challenge in tracing these funds, Bybit’s CEO wrote, adding:“In the past 30 days, 5012 bounty reports were received of which 63 were valid bounty reports. We welcome more reports, we need more bounty hunters that can decode mixers as we need a lot of help there down the road.”Source: LazarusbountyBybit has awarded over $2.2 million worth of funds to 12 bounty hunters for relevant information that may lead to the freezing of the funds. The exchange is offering 10% of the recovered funds as a bounty for white hat hackers and investigators.Related: Bybit exploit exposes security flaws in centralized crypto exchangesThe Bybit attack highlights that even centralized exchanges with strong security measures remain vulnerable to sophisticated cyberattacks, analysts say.“This incident is another stark reminder that even the strongest security measures can be undone by human error,” Lucien Bourdon, an analyst at Trezor, told Cointelegraph.Bourdon explained that attackers used a sophisticated social engineering technique, deceiving signers into approving a malicious transaction that drained crypto from one of Bybit’s cold wallets.The Bybit hack is more than twice the size of the $600 million Poly Network hack in August 2021, making it the largest crypto exchange breach to date.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Leveraged bets on FOMC meeting ‘guaranteed recipe to lose money’ — Trader
A crypto trader warns that going heavy on leverage before the monthly United States interest rate decision is a surefire way to lose money in crypto trading. After the Federal Reserve’s statement confirmed the US central bank intends to leave interest rates unchanged in its target range between 4.25% to 4.5%, Bitcoin’s price barely moved, as the market had already widely expected no change in the interest rate. However, after Fed chair Jerome Powell said the probability of a recession is “not high,” despite independent economists raising the odds of one, the overall crypto market saw an upswing, leaving traders betting on the downside caught off guard. “A guaranteed recipe to lose money,” MN Trading Capital founder Michael van de Poppe said in a March 19 X post. CoinGlass data, which tracks a 12-hour window, shows $188.77 million was liquidated from the crypto market, with $127.80 million of that being short positions.Approximately $257.03 million in short positions have been liquidated over the past 24 hours. Source: CoinGlassBitcoin (BTC) surged 3.84% in six hours after Powell’s speech to hit $87,427 before pulling back to $85,760 by publication. Ether (ETH) climbed 2.27% in the same period, while XRP (XRP) gained 2.40%, adding to its 7.50% rally leading into the interest rate announcement, according to CoinMarketCap data.“The initial statement isn’t as important. The words from J. Powell are,” van de Poppe said, adding, “That’s what likely defines Bitcoin price action for the coming period.” Bitcoin is up 3.49% over the past 24 hours. Source: CoinMarketCapRelated: Bitcoin risks new ‘death cross’ as BTC price tackles $84K resistanceCrypto analyst says the Bitcoin rally will not continue in the near termCrypto trading account BitcoinHyper said, “FOMC meeting made Bitcoin pump directly into the big liquidation level.” “Even if BTC goes higher, this is not a good level to look for new long positions,” the trading account said.Matt Mena, crypto research strategist at 21Shares, made a similar forecast, saying that while the US Federal Reserve’s “dovish shift” on interest rates could give Bitcoin a short-term boost, it may not be sustainable.“Bitcoin is likely to remain in consolidation mode until a clear catalyst emerges,” Mena said. “Looking further ahead, the broader macro environment remains supportive of a bullish case for BTC,” Mena said in a statement viewed by Cointelegraph.According to Powell, the median forecast from FOMC members is that interest rates will be at 3.9% at the end of 2025 and 3.4% at the end of 2026.Magazine: Classic Sega, Atari and Nintendo games get crypto makeovers: Web3 GamerThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.