Bitcoin Price Rises. What the Crypto Needs to Hang on to Those Gains. — Barrons.com

By George GloverBitcoin was rising on Tuesday, but the cryptocurrency will likely need more macroeconomic catalysts to emerge if it's able to hang onto those gains.The world's largest token by market capitalization was up 3.1% over the past 24 hours to $109,219, according to data from CoinDesk. It's now trading about 3% below its record high of just under $112,000.Still, Bitcoin could use a catalyst. The crypto has become increasingly tethered to the stock market, so its momentum has stalled in recent weeks amid lingering trade tensions and soft U.S. economic data."The risk of a short-term correction continues to build — especially in the absence of a strong catalyst to push Bitcoin decisively above the current all-time high," analysts for the crypto exchange Bitfinex said. "Bitcoin is now at a crossroads — balanced between structural support and waning bullish momentum, waiting for its next macro cue."Other cryptocurrencies also rose over the past 24 hours. Ethereum jumped 7.5%, XRP gained 2.5%, and Solana added 5.2%.Shares in publicly-listed crypto companies were also in the green. Bitcoin proxy MicroStrategy was up 0.4%, and major exchange Coinbase Global climbed 0.2%.Circle Internet Group stock rose another 1.8% as the fintech company, which issues a dollar-pegged token, built on its strong market debut following last week's blockbuster initial public offering.Write to George Glover at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.