Crypto

Crypto Market Analysis

Crypto Market Analysis | 6 June 2024 

Market Analysis

With BTC being less than 4% away from its all-time high, options traders anticipate an imminent rally to $80k by the end of this month. With around 1.5 billion dollars worth of shorts concentrated around the $72k mark, bitcoin bulls are waiting for a short squeeze.

On the other hand, the Bank of Canada has reduced interest rates by 25 basis points, becoming the first of the G7 countries to start cutting rates, and other nations, including the US, could follow. Reduced interest rates are bullish for risky asset classes like Bitcoin.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered investment/financial advice from CoinSwitch. Any action taken upon the information shall be at the user’s risk.

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