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Bitcoin Stuck in Narrow Range Unless There’s a ‘Vibe Shift,’ Analyst Says

  • Expected rate hikes continue to point to rangebound crypto
  • Breakout may need a tech rally or risk-on sentiment, Daye says
Inside The Independent Reserve Cryptocurrency Exchange
Photographer: Brent Lewin/Bloomberg

Bitcoin is unlikely to break above $46,000 anytime soon, barring a macroeconoic “vibe shift” like a change in risk-on sentiment, according to Wilfred Daye, head of Securitize Capital.

The cryptocurrency’s trading range narrowed this week as the war in Ukraine continued and the U.S. Federal Reserve raised rates in line with expectations. The notoriously volatile coin is on track to end the week 5% higher at $40,700, paring back its decline from a November high to 40%.