Despite the recent rally in European stock markets, Bitcoin is encountering resistance at $61,000. Following the Bank of England's (BoE) decision to maintain current interest rates with a hint of a potential reduction in the summer, this occurs.
Following the BoE's announcement, European markets applauded. Gains were seen in the Stoxx 600 index as well as the FTSE 100, with the latter hitting a record peak. But as of yet, Bitcoin hasn't reflected this optimistic attitude.
The market is uneasy due to the BoE's suggestion that rates may be lowered in the upcoming months. Lower interest rates have historically been known to increase the appeal of risky assets like Bitcoin. But given the complexity of the current economic environment, it's likely that investors are holding off on making big Bitcoin purchases until there is more clarity.
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