Bitcoin's rally is losing momentum, according to Nikkei, after buying tied to dollar-weakening trades proved short-lived. US rate-hike expectations are now acting as a heavy drag on the cryptocurrency. Markets broadly expect bitcoin to peak in autumn. The focus is on the US midterm elections in November. In past midterm-election years, prices have tended to weaken from September through year-end, including a 45% decline in 2018 and an 18% drop in 2022.
Bitcoin's rally is running out of steam, according to Nikkei, after buying tied to dollar-weakening trades proved short-lived. Expectations of further US interest-rate hikes are now a heavy burden for the cryptocurrency.
Market forecasts broadly expect bitcoin to top out in autumn. The focus is the US midterm elections in November. In previous midterm-election years, prices have tended to ease from September through year-end, with drops of 45% in 2018 and 18% in 2022. ChainCatcher relayed the Nikkei report.
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