Minimal Positive Sentiment, Where is Bitcoin Headed?

Todaysgist, News – Bitcoin prices experienced minimal movement on Friday, September 13, 2024. Tokocrypto trader, Fyqieh Fachrur assessed that Bitcoin’s movement tended to stagnate due to the lack of positive sentiment supporting this crypto asset. Even so, this decline was limited because there is still speculation that interest rates in the United States will be cut.

After posting losses last week, Bitcoin crypto has begun to recoup some of those losses. However, its price remains stuck in a relatively stable trading range since the beginning of the year.

“Retail interest in crypto is also declining, coupled with waning enthusiasm for the launch of a Bitcoin ETF,” said Fyqieh in an official statement, quoted Sunday (15/9/2024).

Crypto regulatory uncertainty has also added pressure, especially after Democratic presidential candidate Kamala Harris appeared to outperform Donald Trump in a heated presidential debate.

Bitcoin has gained 6.9% this week, mainly due to buying when prices are low after last week’s sharp decline. Despite the increase, Bitcoin’s price is still trapped in the range of USD 50,000 to USD 60,000, which has been going on throughout this year. This condition shows Bitcoin’s difficulty in determining a clear direction since reaching a record high in March.

Negative sentiment also came from the US Election, where Donald Trump, known as a pro-crypto presidential candidate, appeared to lose support to Kamala Harris this week, while Harris was considered superior in the presidential debate. Trump, through the Truth.Social platform, stated that he would not participate in further debates with Harris and engaged in personal attacks on his political opponent. He also claimed to have won this week’s debate.

Trump’s defeat is a negative signal for the crypto market, considering that Trump’s campaign was pro-crypto. In contrast, Harris is expected to continue the strict crypto oversight policies implemented by the current Biden administration.