Bitcoin failed to regain its $60,000 price tag on Sunday, despite a day prior, as investors drove broader market indices back to record highs.
The world’s largest crypto by market capitalization rose to just above $60,330 on Saturday but has since fallen 1.7% to around $58,646, according to CoinMarketCap data.
Despite the indecision in crypto, some analysts and investment trading desks remain optimistic for the remainder of the year. QCP Capital wrote in an investment note that the market’s resilience to supply-shock headlines for Bitcoin and Ethereum is an encouraging factor.
Crypto continues to face several headwinds for the remainder of 2024, including geopolitical tensions in the Middle East and uncertainty over the next U.S. president.
However, Ryan McMillin, chief investment officer at crypto fund manager Merkle Tree Capital, believes Bitcoin’s indecision is less concerned with the macroeconomic climate and more with market concerns over Mt. Gox distributions to creditors.
