Viewpoint: The sustainability of Bitcoin's upward trend largely depends on macroeconomic conditions and any new developments in the trade sector

According to BlockBeats, on July 10th, Sid Powell, CEO and co-founder of cryptocurrency asset management company Maple, stated that the sustainability of Bitcoin's upward trend largely depends on macroeconomic conditions and any new developments in the trade sector. He believes that if trade talks falter before Trump's August 1 trade agreement deadline, it could bring more resistance to Bitcoin. However, if further progress is made on the trade agreement and lower inflation data prompts the Federal Reserve to restart key interest rate cuts, it may support the continued rise of Bitcoin. In addition, John Glover, Chief Investment Officer of Ledn, a cryptocurrency lending platform, and former Managing Director of Barclays Investment Bank, stated that "currently, it seems that Bitcoin is only conducting a backtesting on the historical high of May 22 and is facing selling pressure at that level