Analyst: Macro indicators to determine BTC's short-term direction

Cryptocurrency analyst MAC.D predicted in a CryptoQuant contribution that macroeconomic indicators will likely determine the short-term direction of BTC. The analyst noted that while BTC rallied ahead of the U.S. Federal Open Market Committee (FOMC) meeting on rate cut expectations, open interest declined at the time, suggesting the rise was spot-driven. In contrast, during the recent price decline, both open interest and funding rates have risen, which MAC.D interprets as traders expanding their long positions. However, with major macroeconomic events scheduled for this week, including U.S. employment and inflation data and Japan's interest rate decision, the analyst concluded that these variables are poised to be the primary drivers of short-term price movements.