Bitcoin has risen: Has it shaken off the impact?

Bitcoin (BTC) has shown a good performance since testing 49 thousand dollars and reached 56 thousand dollars.

As fears of an upcoming recession in the US cause market downturn, some analysts predict that Bitcoin's price will remain stable for the rest of the year despite facing obstacles. This week, Bitcoin is confronted with new developments such as the uncertainty of the future US presidential candidate, tensions in the Middle East, and Japan's first interest rate hike in 17 years.

Macroeconomic data seems to be determining the price of Bitcoin

After the Bank of Japan's decision to increase the benchmark interest rate from 0-0.1% to 0.25% at the end of last month, it created a shock effect in global markets. This development is the highest level since 2008, as the country takes its first steps away from its policy of near-zero interest rates over the past decade.

The deteriorating trend of macroeconomic data and the increasing tension between Israel and Iran have been different factors that kept Bitcoin on edge. The flagship of cryptocurrencies, which saw $49,200 as of last night, is now trading at $55,590. The calming of the Israel-Iran rivalry or improvements in the macroeconomic side may bring Bitcoin back to higher levels. In addition, the continued positive remarks about BTC by U.S. presidential candidate Donald Trump will have a positive impact on the price over time.

When looking at the current Bitcoin chart, 52,830 and 50,580 dollars can be followed as short-term support levels. The $49,200, which is the recent low level, will serve as the main support. The levels that need to be followed as resistance are respectively $60,720 - $63,500 - $67,090 - $69,310.

This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.