According to ChainCatcher, Matt Mena, a cryptocurrency research strategist at 21Shares, stated that while US stocks are experiencing volatility amid macroeconomic uncertainty, BTC has shown resilience by defending the support zone of $84,000-$85,000. Nic Puckrin, founder of The Coin Bureau, pointed out that the PCE data to be released this Friday might cause the Federal Reserve to postpone its near-term rate cut plans, and Bitcoin is not expected to return to its all-time high before the Fed's next rate cut.
Long-term positive catalysts are forming in the crypto market, one of which is the potential confirmation of crypto-friendly Paul Atkins as the SEC chairman, which could unlock Ethereum ETF staking and approve ETFs for other digital assets. Additionally, the proposed US strategic BTC reserve legislation is expected to be introduced in May. If formally implemented, it would elevate Bitcoin to a sovereign-level asset on par with gold.
