Bitcoin’s $80K consolidation could end within days as macro events approach, ARP Digital says

Bitcoin’s prolonged consolidation around $80,000 could end within days as several major economic and political events approach, according to Yusuf Fakhro, partner at Bahrain based digital capital infrastructure platform ARP Digital. In commentary shared with Crypto Briefing, Fakhro said Bitcoin was trading near $79,800 after another week of declining prices and subdued trading activity, with broader market sentiment likely to determine its next move. The analyst pointed to the Federal Reserve’s upcoming interest rate decision, earnings from major technology companies and the US midterm elections as potential catalysts for renewed volatility. “Volatility has compressed to levels that rarely last, and one of those events is likely to break the range,” Fakhro said. Bitcoin briefly slipped below $80,000 last week as stronger than expected inflation data and a selloff in semiconductor stocks weighed on broader financial markets. Fakhro said Bitcoin’s performance has increasingly mirrored technology stocks, with its returns over the past two weeks tracking the Nasdaq almost exactly. He cautioned that Bitcoin’s relatively smaller losses during the latest equity selloff should not be inter...