CoinShares: Bitcoin Likely to Remain in Range, Breaking $80,000 Seems Challenging

Bitcoin may have reached or approached a cycle low, but short-term price movement is expected to remain in a range rather than a clear uptrend. James Butterfield of CoinShares Research states that without significant changes in monetary policy, Bitcoin's breakthrough above $80,000 will be challenging. He notes the Federal Reserve is unlikely to cut rates soon, and future policy will depend heavily on the extent of economic deterioration. While monthly U.S. employment and CPI data are insufficient for judgment, rising oil prices due to Iran's situation have worsened inflation forecasts. Although Bitcoin's drop to $60,000 presents a potential area for position expansion, market sentiment remains weak. Interest in blockchain-related stocks currently outweighs Bitcoin. However, digital asset investment funds are showing recovery, with a shift from eight consecutive weeks of outflows to inflows last week, and further inflows expected this week. The initial week saw outflows, but the release of June U.S. CPI and PPI data below expectations reversed sentiment, leading to renewed policy rate forecasts. Over two days, $415 million flowed into digital assets, predominantly Bitcoin-related products.