Bitcoins Price Surge Comes to a Halt – Discover the Surprising Reasons

By Lola Coin Jun 28, 202353Views

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The Bitcoin price rally has paused after reaching a new yearly high of $32,410 on June 23. While the long-term outlook remains bullish due to Bitcoin spot ETF applications, there are several short-term factors hindering further momentum. Negative news surrounding the depegging of TrueUSD, the fourth-largest stablecoin, has unsettled investors. TrueUSD is a significant trading pair on Binance, and previous stablecoin depeggings have had a negative impact. Additionally, Bitcoin miners have been heavily interacting with exchanges, sending a record high of $128 million in BTC to exchanges, potentially indicating their use as collateral in derivatives trading. The upcoming expiration of BTC options and the release of the PCE index numbers may also be causing market uncertainty. Bitcoin is currently facing resistance at $31,000 and is in a consolidation phase.

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