Bitcoin is hanging out below resistance at $21,000 and could be gearing up for another leg to the upside in the coming days. The cryptocurrency broke out of a range last week, trending higher and reclaiming previously lost territory. Related Reading: TOP 5 Cryptos To Watch This Week – BNB, BTC, ETH, LINK, SOL At the time of writing, Bitcoin (BTC) trades at $20,300 with sideways movement in the last 24 hours and a 6% profit in the previous days. This week might bring more volatility to the market with the U.S. publishing new economic data. Fed Pivot Takes Shape, Bitcoin Likely To Benefit Per a recent market update from trading firm QCP Capital, the crypto market enjoyed “much-needed positivity.” There has been a lot of speculation regarding the reasons for the upside short time trend, but the macroeconomic conditions are the most likely cause. The U.S. Federal Reserve (Fed) is hiking interest rates to slow down inflation, and this monetary policy is wreaking havoc across global markets. As a result, the U.S. dollar has seen its highest levels in 20 years while investors take shelter amid economic uncertainty. In this environment, nothing but the U.S. dollar thrived; other assets, including Bitcoin and Gold, and currencies, particularly the Euro, the Japanese Yen, and the British Pound, have seen losses. In that sense, the Fed is between a sword and a hard place. The financial institution can continue hiking and tightening monet...
