Sorry, Moonvember hopefuls, macro uncertainty signals sideways month

Bitfinex says macro conditions signal consolidation, but others are optimistic that Bitcoin will gain as usual in November.

November might not turn out to be Bitcoin’s saving grace after all, as crypto analysts signal the cryptocurrency could break from its historically strong price gains in November and instead trade sideways.

“The current macro backdrop easing policy, but mixed communication from the Fed, supports consolidation as a necessary stabilising phase before volatility can expand again,” Bitfinex analysts said in a markets report on Tuesday.

The analysts added that Federal Reserve Chair Jerome Powell “hinted at uncertainty” on the prospect of another 25-basis-point rate cut when the Fed meets in December.

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