Analyst: Bitcoin will see sideways movement in coming weeks

Odaily Planet Daily reported that some traders expect Bitcoin to move sideways in the coming weeks due to uncertainty about the Federal Reserve’s next steps and the delay of a key regulatory decision on ETFs. The rise has hit a snag. Analysts at Japanese exchange Bitbank, led by Yukari Kusu, said in a report on Tuesday: “Bitcoin upside has been contained at the psychological level of $38,000. One of the reasons why Bitcoin has not been able to break through this level is that The SEC on Thursday delayed Hashdex’s application to convert its existing Bitcoin futures ETF into a spot ETF.” Meanwhile, analysts at cryptocurrency exchange Bitfinex said in a report on Tuesday that they expected the Federal Reserve to Will keep interest rates steady at December meeting: “Overall inflation has fallen significantly from 6.4% at the beginning of the year. This should give the Fed enough room to keep interest rates steady at the December meeting, which is consistent with the Fed’s decision to keep interest rates steady at the December meeting.” The current expectations of the futures market are also in line with its goal of maintaining economic expansion.” (CoinDesk)

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