BTC sell-pressure absorption matters more than a U.S. rate hike, XWIN Research Japan says

The key market factor is whether new buying can absorb BTC selling pressure, rather than a possible U.S. rate hike for the first time in three years, according to XWIN Research Japan. Citing Bitcoin’s price action in 2023, XWIN Research Japan said the main driver of market direction was not interest rates themselves, but whether loss-taking selling continued and whether fresh buying demand absorbed that supply. The firm added that investors should not judge market direction based solely on headlines about a rate hike.