Bitcoin experienced a slight increase in investor sentiment at the start of the week, but there are three major factors preventing it from reaching the $30,000 level. These factors include concerns about an economic downturn, rising interest rates, and a lack of confidence in the approval of a spot Bitcoin ETF. The U.S. Federal Reserve has expressed worries about economic growth, while the real yield on U.S. 10-year Treasurys has reached its highest level in 15 years. Additionally, trading metrics show diminished activity for leverage longs and reduced participation by institutional investors. Furthermore, the launch of Ether futures-based ETFs saw lackluster demand, indicating a lack of confidence in the approval of a spot Bitcoin ETF. Overall, these factors suggest that breaking above the $28,500 resistance level in the short term may be challenging for Bitcoin.
