⚖️ Bitcoin Bounces, But Resistance Remains Unshaken — What’s Holding It Back?

The crypto market capitalization increased 0.5% to $3.90T after the stock markets and Bitcoin reversed at the end of the day on Wednesday, after plunging to $3.79T after the Fed's important rate decision. Even without big sector breakthroughs, macroeconomic variables continue to impact cryptocurrencies, a pattern that may be considered as market maturity.

Bitcoin bulls again maintained the range's bottom border, which has held for over three weeks, keeping the price from falling below $116K on Wednesday evening. A strong purchasing trend returned the price to $118.6K. The market needs drivers to hit $120K. The US White House report on digital asset development did not excite new purchasers, thus the crypto market followed macroeconomics and conventional finance.

For the first time since April 2023, Ethereum has hit 40% futures market open interest, while Bitcoin's dominance is declining, according to Glassnode.

Since ETH provides staking, Bernstein thinks major firms are selecting it over the first cryptocurrency as an investment vehicle.
BlackRock, the world's biggest investment firm, has applied to stake Ethereum in its ETH ETF with the US SEC.

Asia is strengthening crypto laws. Bank of South Korea (BoK) established a crypto market monitoring section. Indonesia has raised cryptocurrency taxes, while Hong Kong has finalized stablecoin laws.

Algeria prohibits bitcoin trade, storage, and mining. New restrictions punish violators with fines and jail time.

International withdrawals from crypto lender Abra have been halted. Crypto enthusiasts worry that the platform will fail like Celsius and BlockFi.

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