PANews, August 6 news, 21Shares cryptocurrency strategist Matt Mena said that considering the randomness of short-term trends, Bitcoin's performance is difficult to predict. He stated that cryptocurrencies respond to major catalysts such as macroeconomic data, central bank decisions, and regulatory developments. However, Bitcoin also has 'very technical characteristics', so chart levels play an important role in its movements compared to traditional assets. Another factor to consider is that it trades around the clock on a globally decentralized range of exchanges, each with varying liquidity. This, coupled with an increasing number of algorithmic participants and on-chain data signals, means that price trends can sometimes be driven by technicals, positions, or automated strategies, rather than fundamental news.
