BTC short-term moves depend on oil prices, bond yields, analysts say

Bitcoin's short-term price direction may depend more on external factors like oil prices, government bond yields, and Federal Reserve interest rate policy than on the crypto market's own internal dynamics, according to an analysis. Analysts at the U.S.-affiliated crypto exchange Bitfinex stated that a sharp decrease in leverage across the Bitcoin derivatives market suggests a structural shift where macro liquidity conditions are driving price changes, The Block reported. They noted that the recent rebound has not changed the overall market situation and that Bitcoin is increasingly trading like a tech stock. The analysts concluded that without a clear inflection point in ETF fund flows, BTC is likely to remain range-bound between $63,000 and $72,000 for the next few weeks.