Analyst: Bitcoin needs to wait for catalysts to confirm upward momentum

Bitcoin and other cryptocurrencies fell below key levels on Monday, with the sell-off likely due to a lack of liquidity in the market over the Easter holiday. Alex Kuptsikevich, an analyst at brokerage FxPro, said that he still believes that Bitcoin’s drop to just below $69,000 is a consolidation after the rise, which is an important stage before a new round of gains. However, we have seen some false starts, so it is best to wait for confirmation of Bitcoin’s ability to rise above $71,500. Bitcoin needs a catalyst to steadily climb past its peak of around $70,000 or reach a new all-time high. Bitcoin's correlation with the stock market means broader market catalysts are also key. The Dow and SP 500 themselves are also at record highs, with a slew of economic data due this week that could boost expectations for the pace of rate cuts by the Federal Reserve. This macro outlook matters for Bitcoin.