According to online reports, Matt Mena, a cryptocurrency strategist at 21Shares, said that considering the randomness of short-term trends, Bitcoin's performance is difficult to predict. He said cryptocurrencies respond to major catalysts such as macroeconomic data, central bank decisions and regulatory developments. However, Bitcoin also has "very technical characteristics", so chart levels play an important role in its trend compared to traditional assets. Another factor to consider is that it conducts round-the-clock trading on a globally dispersed series of exchanges that vary in liquidity. This, coupled with increasing algorithmic participation and on-chain data signals, means that price movements can sometimes be driven by technology, positions or automated strategies rather than fundamental news.